Deep discounts on everything from beauty products and toys to electronics have enticed US shoppers to splurge on Christmas purchases and ring in a record $12.4 billion (€11.3 billion) in Cyber Monday sales online, data from Adobe Analytics showed.
Online consumer spending jumped 9.6% on Monday from the $11.3 billion (€10.3 billion) seen last year, outstripping Adobe's initial expectations for a 6.1% rise to $12 billion (€10.9 billion).
The lead-up to the crucial shopping season was marked by subdued forecasts from retailers like Walmart and Macy's as they braced for inflation-constrained budgets, but the blockbuster deals rolled out from Thanksgiving Day through Cyber Monday are helping spread the holiday cheer.
Cyber Monday
In what is typically the biggest online shopping day in the US, Cyber Monday this year saw discounts peaking at 31% in the electronics category and at 23% for apparel, according to Adobe.
Hot Wheels toys, PlayStation 5 and smart watches were among the items most sought after, but shoppers also clicked "buy" on categories like jewellery, personal care products and furniture.
Shoppers are also leaning on flexible features like Buy Now, Pay Later (BNPL) services, which help consumers avoid the extra fees and interest that come with credit card payments, to stretch their Christmas budgets.
A record $940 million (€856.2 million) worth of purchases were made through BNPL on Cyber Monday, surging 42.5% from last year and trouncing Adobe's earlier estimate for an 18.8% jump.
Online Shopping Day
In what is typically the biggest online shopping day in the US, Cyber Monday discounts peaked at 31% in the electronics category and at 23% for apparel, Adobe said. Hot Wheels toys, PlayStation 5 and smart watches were among the most sought-after.
"The 2023 holiday shopping season began with a lot of uncertainty ... 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," said Vivek Pandya, lead analyst at Adobe Digital Insights.
The Cyber Week – or the five days from Thanksgiving Day through Cyber Monday – pulled in $38 billion (€34.6 billion) in internet sales, surpassing Adobe's forecast of $37.2 billion (€33.9 billion).
In the UK, shoppers spent £3.45 billion pounds (€3.98 billion) online between Black Friday through Monday.
