Record-breaking Cyber Monday: Americans spend $12.4 bn amid economic headwinds
Workers select and pack items during Cyber Monday at the Amazon fulfilment center in Robbinsville Township
US consumers defied economic headwinds, shelling out a $12.4 billion on Cyber Monday, underscoring the resilience of the retail sector even as pandemic-era savings dwindle and interest rates soar, Bloomberg reported on Tuesday.
The 9.6 per cent year-over-year spending surge marked the largest online shopping day in history, according to data from Adobe Inc. The surge in spending was facilitated by strong Black Friday sales and the popularity of buy-now-pay-later options, allowing shoppers to extend their budgets with credit.
Despite uncertainties at the start of the 2023 holiday shopping season, consumers responded strongly to discounts, propelling Cyber Week — spanning Thanksgiving to Cyber Monday — to generate a total of $38 billion, a 7.8 per cent increase from the previous year.
Black Friday exceeded projections, reaching $9.8 billion, a 7.5 per cent jump from last year. Thanksgiving spending also saw a boost, reaching $5.6 billion, up 5.5 per cent, highlighting the impact of discounts on consumer demand during the holiday season. From November 1 to November 27, online spending reached $109.3 billion, reflecting a 7.3 per cent increase from 2022.
The surge in online spending during Cyber Monday was complemented by a record high in “buy-now-pay-later usage”, contributing $940 million, a 42.5 per cent increase from the previous year. Consumers embraced these credit facilities for more significant purchases, revealing a shifting trend in shopping behaviour.
Bloomberg quoted Vivek Pandya, a lead analyst at Adobe Digital Insights, as saying, "The record online spending across Cyber Week... shows the impact that discounts can have on consumer demand."
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Top-selling items during Cyber Monday included Hot Wheels, the Xbox Series X gaming console, televisions, and small kitchen appliances. The insights were derived from Adobe's extensive tracking, monitoring over 1 trillion visits to retail websites and analysing sales of more than 100 million products.
While traditional big sale days like Black Friday and Cyber Monday have seen a decline in exclusivity, they remain crucial for retailers aiming to gauge consumer preferences and strategically offer targeted discounts leading up to Christmas.
(With inputs from Bloomberg)
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