Cyber Monday Sets Record With $10.8 Billion in Online Sales
Holiday shoppers spend a record-breaking $10.8 billion online during Cyber Monday, marking a 15.1% increase over last year. The historic total falls short of initial forecasts as retailers spread out deals earlier in the season.
Holiday shoppers spend a record-breaking $10.8 billion online during Cyber Monday, marking the largest U.S. internet shopping day in history. According to Adobe Analytics, this figure represents a 15.1% increase from last year, even though it falls short of the firm's initial $12.7 billion forecast. Adobe also reduces its overall holiday season online sales projection to $184 billion, down from an original estimate of $189 billion but still up 30% from last year.
This massive single-day total reflects a significant shift in consumer behavior as retailers spread out their holiday promotions to avoid crowded stores amid the coronavirus pandemic. Major retailers like Walmart and Target launch their deals in mid-October to compete with Amazon Prime Day, which diminishes the traditional significance of Cyber Monday and stretches the shopping season. Consequently, the record spending occurs alongside a decline in typical retail metrics like Black Friday store crowds.
Curbside pickup and mobile shopping play major roles in this year's digital success, with curbside orders jumping 30% compared to a year ago. Consumers increasingly rely on their smartphones to snag deals, accounting for 37% of all Cyber Monday digital sales. As the holiday season continues, experts expect record sales to persist as shoppers prioritize safety and seek to avoid potential shipping delays.