Deep discounts on everything from beauty products and toys to electronics have encouraged Americans to do their holiday shopping and hit a record $12.4 billion in online sales on Cyber Monday, the report showed. Tuesday Adobe Analytics data.
Consumer online spending rose 9.6% on Monday from $11.3 billion last year, beating Adobe’s initial expectations of a 6.1% increase to $12 billion.
The run-up to the crucial shopping season was marked by dovish forecasts from retailers like Walmart and Macy’s bracing for inflation-constrained budgets, but big deals launching from Thanksgiving through Cyber Monday are helping spread Christmas cheer.
On what is typically the biggest day for online shopping in the United States, this year’s Cyber Monday saw maximum discounts of 31% in the electronics category and 23% in the clothing category, according to Adobe.
Hot Wheels toys, the PlayStation 5, and smartwatches were some of the most searched items, but shoppers also clicked “buy” in categories such as jewelry, personal care products and furniture.
To stretch their Christmas budgets, shoppers are also turning to flexible services like “buy now, pay later” (BNPL, for its acronym in English), which helps them avoid the additional fees and interest that come with credit card payments.
He Cyber Monday US$940 million worth of purchases were made through BNPL, up 42.5% from last year, and BNPL usage hit an all-time high.
Source: Gestion
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