Cyber Monday saw a dazzling surge in online spending, smashing e-commerce records as consumers opened their virtual wallets to the tune of $12.4 billion, according to data from Adobe Analytics. The holiday shopping extravaganza marked a 9.6% increase compared to the previous year, surpassing initial projections.

In the peak hour from 10:00 to 11:00 pm Eastern, a staggering $15.7 million was spent every minute, making Cyber Monday the largest online shopping day in history. The hottest deals were found in popular categories like electronics, toys, apparel, furniture, and appliances, with discounts peaking at 31% off listed prices.

Apparel stole the spotlight, experiencing a whopping 189% surge in online sales compared to an average day in October 2023. Other big winners included appliances (up 166%), toys (up 140%), furniture (up 129%), electronics (up 103%), and, notably, jewellery (up 99%).

In a noteworthy trend, ‘Buy Now Pay Later’ (BNPL) options gained unprecedented traction, driving a remarkable $940 million in online spending on Cyber Monday, reflecting a staggering 42.5% increase year-over-year. Consumers embraced the flexibility of BNPL, contributing to a total of $8.3 billion in the season to date, up 17% from the previous year.

The overall Cyber Week, covering Thanksgiving through Cyber Monday, raked in an impressive $38 billion in online spending, marking a 7.8% YoY increase. The holiday season has witnessed a robust start, with consumers splurging $109.3 billion online from November 1 to November 27, a 7.3% YoY growth. Electronics, apparel, furniture, grocery, and toys emerged as the key drivers of this digital shopping spree.

As the holiday season progresses, Adobe anticipates online spending to reach $221.8 billion by December 31, representing a 4.8% YoY growth. With e-commerce continuing to outpace in-store shopping, one in every five dollars is expected to be spent online this holiday season.

source: www.gjepc.org