Shopping on Cyber ​​Monday is expected to set a record, but annual growth has slowed | Adobe

Cyber ​​Monday retail sales reached at least $6.3 billion during part of the day in the US today, according to the latest figures online shopping data from Adobe Analytics.

It’s not uncommon for online shopping results to break records on Cyber ​​Monday and Black Friday, but in this economic climate it’s encouraging to see it happening. Still, growth has slowed from the holiday season in 2021 and 2020.

Consumers spent $6.3 billion through 3 p.m. Pacific Time for Cyber ​​Monday. Adobe expects that when the final tally comes in, consumers will spend between $11.2 billion and $11.6 billion per day, making Cyber ​​Monday the biggest online shopping day of the year (and of all time).

Today, the top 15 popular sellers include (not in order) Legos, Hatchimals, Disney Encanto, Pokémon cards, Bluey, Dyson products, strollers, Apple Watches, drones, and digital cameras. Game consoles also remain popular, along with games such as Mario Party, FIFA 23, Madden 23 and Call of Duty: Modern Warfare II.

Over the past weekend, the top sellers were Hot Wheels, Cocomelon, Bluey, Disney Encanto, LOL Surprise dolls, Roblox, and Fortnite in the toy category. Nintendo Switch, Xbox Series X, and PlayStation 5 continue to be the top-selling gaming consoles, with popular games including FIFA 23, God of War Ragnarök, Call of Duty: Modern Warfare II, Madden 23, and NBA 2k23. Other popular sellers included Apple iPads, Apple MacBooks, digital cameras, Roku devices, drones, gift cards, and Instapots.

Online store sales on Black Friday were $9.12 billion, up 2.3% from a year ago, and Thanksgiving itself came in at $5.29 billion, up 2.9% from a year ago. year ago. Those were above Adobe’s projections. Last year, consumers spent $10.7 billion on Cyber ​​Monday.

Strong consumer spending was driven by net new demand, not just higher prices. The Adobe Digital Price Index, which tracks online prices across 18 product categories (complementing the Bureau of Labor Statistics’ Consumer Price Index, which also includes prices for offline-only products and services such as gasoline and rent) shows that online prices are nearly equal. have remained in recent months (-0.7% year-on-year in October 2022).

Adobe’s numbers are not adjusted for inflation, but if online inflation were included, there would still be growth in underlying consumer demand, the company said.

On a category basis, toys were a key growth driver in the days leading up to Cyber ​​Monday, with online sales up 452% over the average day in October 2022. Appliances (+305%) and Baby/Toddler Products (+289%) also saw strong demand, alongside electronics (+276%) and apparel (+258%).

Shoppers are finding record discounts for computers today (peaking at 27% off the listed price). Deals can also be found in almost all tracked categories, including clothing (19%), toys (33%), electronics (25%), sporting goods (16%), televisions (15%) and furniture (11%). Those looking to buy a device should consider waiting until Thursday (December 1), when discounts will average 18%.

Weekend spending remained strong

Consumers spent more than a Black Friday value on ecommerce over the weekend at $9.55 billion, up 4.4% year-over-year ($4.59 billion on Nov. 26, up 2.6% year-over-year / $4.96 billion in November, up 6.1% year-over-year). Season-to-date (November 1 to November 27), consumers spent a total of $96.42 billion online, up 2.1% year-over-year.

And while the big days (Thanksgiving Day, Black Friday) have reached new heights, consumers have been spending all season at record levels. Shoppers have spent more than $2 billion every day since Nov. 1, with over $3 billion spent online in 19 days. Broad, early discounts were the main drivers of the shift in consumer spending.

“Customers have seen massive discounts over the past week, which is the exact opposite of last season when supply chain restrictions kept prices high,” Vivek Pandya, principal analyst at Adobe Digital Insights, said in a statement. “While discounts will have an impact on margins for retailers, it also drives a level of demand that can help brands build long-term loyalty and profit short-term.”

Additional Adobe Analytics insights

Over the weekend, online toy sales increased by 383% (compared to the average daily sales for the category in October 2022), with strong demand for baby toys (+252%). Other categories that rose sharply over the weekend are jewelry (+230%), sporting goods (+239%) and clothing (+217%).

With consumer online spending and inflation setting new records, flexible payments have become a big story this season. In the past week (November 21 to November 27), the number of “buy now, pay later” orders increased by 68% and sales increased by 72% compared to the previous week.

Over the weekend, smartphones accounted for more than half of online sales for the first time (52%, up from 48% last year). However, Adobe expects mobile shopping to decline on Cyber ​​Monday, based on historical trends. Many people are back to work and using laptops, which will be the device of choice for online shopping.

Forecast for Cyber ​​Week

Adobe expects Cyber ​​Week (the five days from Thanksgiving Day through Cyber ​​Monday) to generate $34.8 billion in online spending, up 2.8% year-over-year, representing a 16.3% share in the entire holiday season from November through December.

Cyber ​​Monday is expected to remain the biggest online shopping day of the season and year, with revenues between $11.2 billion and $11.6 billion. Black Friday generated a record $9.12 billion in online spending, up 2.3% year-over-year, while Thanksgiving generated $5.29 billion in online spending, up 2.9% year-over-year.

Adobe analyzes direct consumer transactions online. The analysis includes more than a trillion visits to US shopping sites, 100 million SKUs and 18 product categories.