Cyber Monday Sales Hit Record $12.4 Billion on Nov. 27
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U.S. shoppers spent $12.4 billion on Cyber Monday, a robust result demonstrating the continued resilience of consumers despite dwindling pandemic-era savings and high interest rates.
Spending increased 9.6% from a year ago, making Nov. 27 the biggest online shopping day ever, according to , which compiles the data. Adobe had earlier adjusted upward its online spending forecast for the day based on stronger-than-expected spending on Black Friday and the popularity of buy-now-pay-later offerings that let shoppers stretch their budgets with credit.
“The 2023 holiday shopping season began with a lot of uncertainty, as consumers shifted their spending to services, while dealing with rising costs across different facets of their lives,” said , a lead analyst at Adobe Digital Insights. “The record online spending across Cyber Week however, shows the impact that discounts can have on consumer demand.”
Cyber Week — the five days from Thanksgiving through Cyber Monday — generated $38 billion overall, up 7.8% from last year. at $9.8 billion, up 7.5% from a year earlier. Thanksgiving spending of $5.6 billion was up 5.5%, Adobe said.
Big sale days like Black Friday and Cyber Monday have been gradually losing their cachet as shoppers spread their spending over longer periods. Still, with inflation-stung consumers watching their budgets, retailers increasingly count on these events to see what products shoppers are clicking on — then targeting them with bigger discounts as the clock counts down to Christmas.
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