Adobe reported the period between Thanksgiving and Cyber Monday, characterized as Cyber Week by the business services firm, generated $38 billion overall, up 7.8% year over year.
Cyber Monday, meanwhile, saw consumers spend a total of $12.4 billion, up 9.6% year over year and surpassing Adobe’s initial projection.
In the peak hour on Cyber Monday, 10 p.m. to 11 p.m. Eastern time, consumers spent $15.7 million every minute, according to Adobe. Cyber Monday was the biggest online shopping day of all time, with many consumers grabbing major discounts in categories such as electronics, peaking at 31% off list price; toys, 27% off list price; apparel, 23% off list price; furniture 21% off list price; and appliances, 18% off list price.
Cyber Monday online sales for apparel increased by 189% compared to an average day in October 2023. In other categories, appliances grew by 166%, toys by 140%, furniture by 129%, electronics by 103%, jewelry by 99% and sporting goods by 95%. Top sellers on Cyber Monday included skincare gift sets, small kitchen appliances, televisions, smart watches, activity trackers and Bluetooth headphones, in addition to various toy and electronic items, according to Adobe.
Adobe reported Cyber Week was bolstered by record spending online during Thanksgiving, $5.6 billion, up 5.5% from the 2022 period; Black Friday, $9.8 billion, up 7.5%; and over the weekend, $10.3 billion, up 7.7%.
From November 1 to Nov. 27, Adobe asserted, consumers have spent $109.3 billion online, up 7.3% year over year, with 60% of spending driven by five categories including electronics, $21.7 billion; apparel, $19.2 billion; furniture, $14.7 billion; grocery, $6.8 billion; and toys, $3.1 billion. Adobe expects the full holiday season, designated as November 1 to December 31, to hit $221.8 billion, up 4.8% from the year-earlier period. With e-commerce growth continuing to outpace in-store shopping, Adobe expects consumers to spend $1 of every $5 online this holiday season.
“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 Vivek Pandya, lead analyst, Adobe Digital Insights. “The record online spending across Cyber Week, however, shows the impact that discounts can have on consumer demand, especially with quality products that drove a lot of impulse shopping.”
