Cyber Monday shoppers spend record-breaking $10.8B
Consumers filled their virtual carts in record numbers on Cyber Monday, making it the largest online shopping day in U.S. history.
Despite the coronavirus-related economic downturn, consumer spending hit a record-setting $10.8 billion by the end of Cyber Monday, according to Adobe Analytics, which tracks online shopping. This marks an increase of 15% over 2019's previous record of $9.4 billion.
ONLINE SHOPPING HITS NEW RECORD, TOPPING $5B, ADOBE ANALYTICS SAYS
However, analysts say the surge in traffic came during the final hours of the shopping holiday. From 7 p.m. to 11 p.m. PST, otherwise known as the “golden hours of retail," consumers collectively spent $2.7 billion, which accounted for 25% of the day’s revenue.
Nearly 40% of consumers relied on their mobile devices to make these purchases, according to analysts.
Based on Adobe's latest data, consumer spending has already surpassed the $100 billion mark, reaching a total of $106.5 billion.
This early data suggests that online consumer spending isn't slowing down anytime soon, according to Adobe Digital Insights Director Taylor Schreiner.
"Throughout the remainder of the holiday season, we expect to see record sales continue and curbside pickup to gain even more momentum as shoppers avoid crowds and potential shipping delays,” Schreiner said.
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Adobe projects online spending for Giving Tuesday to reach $4.1 billion, a 26.3% increase from 2019.
However, even with the record-breaking numbers, Adobe is now projecting that U.S. consumers will spend a total of $184 billion from Nov. 1 through Dec. 31, slightly down from its earlier estimation of $189 billion.
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