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Jewelry Strong as Cyber Monday Sales Surpass Forecast

November 29, 2023  |  Leah Meirovich
Adobe cyber monday credit Shutterstock 1280 USED 291123

US consumer spending exceeded expectations on Cyber Monday, setting a record, while jewelry saw strong demand, according to Adobe Analytics.

Overall e-commerce sales for the day grew 9.6% year on year to $12.4 billion, making it the top-grossing 24 hours for online shopping in history, Adobe said Tuesday. That figure is higher than the data provider’s original prediction of a 6.1% rise to $12 billion. Sales received a boost from apparel, appliances, toys, furniture, electronics and jewelry — the latter jumping 99% compared with an average day in October, Adobe explained.

Cyber Monday was the third major shopping day of the season on which sales hit record highs. Revenue on Black Friday climbed 7.5% to $9.8 billion, also beating predictions, Adobe said, while Thanksgiving sales advanced 5.5% to $5.6 billion. Cyber Week spending — from Thanksgiving Day through Cyber Monday — totaled $38 billion, up 7.8% from a year earlier.

Real demand, and not just higher consumer prices, was responsible for the rise in the value of Cyber Week spending, Adobe noted. Retailers helped stimulate this by offering unprecedented discounts across most categories.

Electronics saw an average markdown of 31%, compared with 25% last year, Adobe reported. Computers were reduced by 24% versus 20% a year ago. Apparel saw promotions at 23%, up from 18% in 2022, while discounts on furniture surged to 21% from 8% the year before.

“The 2023 holiday shopping season began with a lot of uncertainty, as consumers shifted their spending to services, while dealing with rising costs across different facets of their lives,” said Vivek Pandya, lead analyst for Adobe Digital Insights. “The record online spending across Cyber Week, however, shows the impact that discounts can have on consumer demand, especially with quality products that drove a lot of impulse shopping.”

Including Cyber Monday’s total, consumers have laid out $109.3 billion since November 1, up 7.3% from last year. Sales will climb 4.8% year on year to $221.8 billion over the full November-to-December period, setting a new record, Adobe predicted.

Main image: A person buying gifts online. (Shutterstock)

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Adobe cyber monday credit Shutterstock 1280 USED 291123 Jewelry Strong as Cyber Monday Sales Surpass Forecast

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