Online shoppers broke records with $11.3 billion in spending on Cyber Monday, driving 5.8% year-over-year growth and making the day the biggest online shopping day of all time, according to Adobe Analytics.
The spending spree in the face of ongoing inflation follows another record three days earlier, when online shoppers spent $9.12 billion on Black Friday.
- Adobe reported that Monday’s spending was driven by toys, where online sales grew 684% compared to an average day in October. Top sellers included Pokémon cards, Legos, Hot Wheels, Disney Encanto, LOL Surprise dolls, Cocomelon and Hatchimals.
- Electronics sales were up 391% and computers were up 372%. Gaming consoles such as PlayStation 5, Nintendo Switch and Xbox Series X were hot sellers, with top games including FIFA 23, God of War Ragnarök, Madden 23, NBA 2K23, and Pokémon Scarlet & Violet.
- Other top sellers included Smart TVs, Apple AirPods, Apple MacBooks, tablets, smart watches, instant pots and air fryers.
- Adobe reported that Cyber Week (Thanksgiving to Cyber Monday) brought in $35.27 billion overall, up 4% year over year.
- Mobile transactions accounted for 43% of Cyber Monday sales, up from 40% last year.
- Curbside pickup was used in 17% of online orders, down from 18% in 2021.
“With oversupply and a softening consumer spending environment, retailers made the right call this season to drive demand through heavy discounting,” Vivek Pandya, lead analyst with Adobe Digital Insights, said in a news release. “It spurred online spending to levels that were higher than expected, and reinforced e-commerce as a major channel to drive volume and capture consumer interest.”