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Record Cyber Monday sales reach $11.3 billion, driven by deep discounting

Once again, Cyber Monday has taken the title of the biggest online shopping day of the year. Let’s break down why it may be a sign of a jolly holiday ahead.

Tally it up: Consumers spent $11.3 billion on Cyber Monday this year, a 5.8% increase from last year, making it the biggest shopping day ever, according to Adobe Analytics data.

  • This is just under our forecast for the day of $11.84 billion.
  • Heavy discounting helped drive sales, which were higher than expected this year.
  • During the peak hour of 8pm to 9pm PT, consumers spent $12.8 million every minute.
  • Toys were the major driver of spending, with online sales growing 684% compared to an average day in October 2022. Electronics (up 391%) and computers (372%) also saw strong demand, along with sporting goods, appliances, books, and jewelry.
  • Curbside pickup was used less this year than last, while mobile shopping increased.

What it means: Consumers are spending—and that’s a good sign. To keep it up, retailers should continue to use discounts to bring customers in and offer flexible payment and pickup options to make it even easier to shop during the busy holiday season.

 

This was originally featured in the Retail Daily newsletter. For more retail insights, statistics, and trends, subscribe here.