Biggest Online Shopping Day Ever: Cyber Monday Shatters Records
Consumers spent a total of $11.3 billion online on Cyber Monday, representing 5.8 percent growth year-over-year (YoY), according to Adobe Analytics. It registers as the biggest online shopping day of all time. In the peak hour (8:00 p.m. to 9:00 p.m. Pacific), consumers spent $12.8 million every minute.
On Cyber Monday, online spending was driven by purchases of toys, with sales growing 684 percent compared to an average day in October 2022, as well as perennial favorites including electronics (up 391 percent) and computers (up 372 percent). Mobile sales increased from 40 percent to 43 percent of Cyber Monday sales YoY, and since Oct. 1 has accounted for 44 percent of all e-commerce sales.
Cyber Week (Thanksgiving to Cyber Monday) generated $35.27 billion in online sales, up 4 percent YoY. It was bolstered by record online spending during Black Friday ($9.12 billion, up 2.3 percent YoY) and Thanksgiving ($5.29 billion, up 2.9 percent YoY).
Total Retail's Take: According to Adobe Digital Insights' Lead Analyst Vivek Pandya, Cyber Monday saw the perfect combination of oversupply, a softening consumer spending environment, and heavy discounting. Driving demand with discounting "spurred online spending to levels that were higher than expected, and reinforced e-commerce as a major channel to drive volume and capture consumer interest," Pandya said.
Discounting requires a delicate balance for retailers, and consumers are increasingly choosing sale products over full-price items, according to FindMine. "Retailers aren't marking down any new individual products as the days go on, opting instead to introduce sitewide discount codes, which are subject to change daily," noted FindMine CEO Michelle Bacharach in an email to Total Retail. Consumers are stacking item and sitewide discounts to stretch their dollars further.
Consumers also leaned into buy now, pay later (BNPL) payment options during Cyber Week. Orders utilizing BNPL rose 85 percent and revenue increased 88 percent, when compared to the week prior. The positive increase in sales over the holiday weekend may be a promising indicator for retailers and brands in the coming weeks. Adobe Analytics expects this year's full holiday season (Nov. 1 to Dec. 31) to hit $210.1 billion in online sales, growing 2.75 percent YoY.
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.