Finance

Consumers spent more than $11B on Cyber Monday, break one-day online sales record

(File: Getty)

Consumers spent more than $11.3 billion through online shopping on Cyber Monday, breaking the one-day record for online sales, according to data from Adobe. 

The Adobe Analytics figures top the previous one-day record of $9.12 billion from Black Friday and represent 5.8 percent growth year over year. 

Toys drove the online sales the most, with sales for the category growing 684 percent compared to an average day last month. Electronics, computers, sporting goods and appliances also significantly contributed to the surge in sales. 

The top-selling toys included Pokémon cards and Legos, while other top sellers included Apple AirPods, tablets and smart watches. 

“With oversupply and a softening consumer spending environment, retailers made the right call this season to drive demand through heavy discounting,” said Adobe digital insights lead analyst Vivek Pandya. “It 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.” 

Adobe reported that Cyber Week, defined as the time from Thanksgiving to Cyber Monday, saw $35.27 billion in online sales overall, a 4.4 percent increase year over year. Record online spending on both Thanksgiving and Black Friday bolstered that number. 

The company also noted that new demand and not just lingering high inflation drove the spending. It said that Adobe’s Digital Price Index, which tracks e-commerce prices from 18 categories, shows online prices have been mostly stable in recent months. 

Adobe’s figures are not adjusted for inflation, but it said a growth in underlying consumer demand is still present if inflation is factored in. 

Consumers were able to find deals on toys with discounts of as much as 34 percent off and various other categories such as computers and televisions. 

Adobe is projecting that online consumer sales for the entire holiday season, from Nov. 1 to Dec. 31, will reach $210.1 billion, which would be a 2.75 percent increase year over year. Consumers have already spent $107.7 billion from Nov. 1 to Nov. 28.

Tags Adobe consumer demand consumer spending Cyber Monday online sales online shopping
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