Adobe: Cyber Monday Smashes Online Records, $12.4B Spent
Adobe Analytics released its Cyber Monday data on Tuesday morning, reporting $12.4 billion in consumer spending on the shopping holiday, up 9.6 percent year-over-year (YoY) and surpassing Adobe’s initial projection. In the peak hour (10:00 pm to 11:00 pm Eastern), consumers spent $15.7 million every minute. This year's Cyber Monday now ranks as the biggest online shopping day of all time. Apparel was a clear winner, with online sales growing 189 percent compared to an average day in October 2023. Other categories with strong demand included appliances (up 166 percent) and toys (up 140 percent), as well as furniture (up 129 percent), electronics (up 103 percent), jewelry (up 99 percent), and sporting goods (up 95 percent).
Total Retail's Take: Cyber Week spending has officially kicked the holiday shopping season into high gear with promising early results for retailers. Cyber Week (the five days from Thanksgiving to Cyber Monday) brought in $38 billion overall, up 7.8 percent YoY. According to the National Retail Federation, a record 200.4 million consumers shopped over the five-day holiday weekend. Season-to-date (Nov. 1 to Nov. 27), consumers have now spent $109.3 billion online, up 7.3 percent YoY. The record online spending across Cyber Week "shows the impact that discounts can have on consumer demand, especially with quality products that drove a lot of impulse shopping," commented Adobe Digital Insights lead analyst Vivek Pandya.
Spending was fueled by record-high discounts in many categories and buy now pay later (BNPL) payments. BNPL usage hit an all-time high, contributing $940 million in online spend, up a staggering 42.5 percent YoY. The number of items per order also rose 11 percent YoY, as shoppers used BNPL for increasingly larger carts.
The record-smashing holiday spending "reflects the continued resilience of consumers and strength of the economy,” said NRF President and CEO Matthew Shay. “Shoppers exceeded our expectations with a robust turnout." The official kickoff to the holiday shopping season paints a positive and reassuring picture for retailers through the rest of the year.
Kristina Stidham is the digital content director at Total Retail and sister brands Women in Retail Leadership Circle and Women Leading Travel & Hospitality at NAPCO Media. She is passionate about digital media and handles video, podcast and virtual event production for all brands. You can often find her at WIRLC, TR, WLT&H or industry events with her camera and podcasting equipment—or at home on Zoom—recording interviews with thought leaders and business executives.
Kristina holds a B.A. in Media Studies and Production from the Temple University Klein College of Media and Communication in Philadelphia. Go Owls! When she's not in the office, she loves to go on long walks, sing around the house, hangout with her family and two pet guinea pigs, and travel to new places.