Cyber ​​Monday shopping is expected to set a record but year-on-year growth has slowed | adobe

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Cyber ​​Monday shopping sales hit at least $6.3 billion in a single day in the US today, according to the latest report online shopping data from Adobe Analytics.

It’s not uncommon for Cyber ​​Monday and Black Friday online shopping results to break records, but it’s happening in this economic climate that’s encouraging. However, growth has slowed from the 2021 and 2020 holidays.

Consumers spent $6.3 billion through 3 p.m. PT on Cyber ​​Monday. Adobe expects that by the final tally, consumers will spend between $11.2 billion and $11.6 billion on the day, making Cyber ​​Monday the biggest online shopping day of all. year (and all time).

Today, the top 15 sellers (in no order of rank) include Legos, Hatchimals, Disney Encanto, Pokémon cards, Bluey, Dyson products, strollers, Apple Watches, drones, and machines. Digital Cameras. Consoles also remain popular, along with games including Mario Party, FIFA 23, Madden 23 and Call of Duty: Modern Warfare II.

Over the weekend, top sellers included Hot Wheels, Cocomelon, Bluey, Disney Encanto, LOL Surprise dolls, Roblox and Fortnite in the toy category. The Nintendo Switch, Xbox Series X and PlayStation 5 remain the best-selling consoles, with popular games including FIFA 23, God of War Ragnarök, Call of Duty: Modern Warfare II, Madden 23, and NBA 2k23. Other top sellers include Apple iPads, Apple MacBooks, digital cameras, Roku devices, drones, gift cards, and Instapots.

Black Friday online shopping sales were $9.12 billion, up 2.3% from a year ago, and Thanksgiving alone was $5.29 billion, up 2.9% from a year ago. That’s on Adobe’s prediction. Last year, consumers spent $10.7 billion on Cyber ​​Monday.

Strong consumer spending has been driven by new net demand, and not just higher prices. Adobe’s Digital Price Index, which tracks online prices across 18 product categories (complementary to the Bureau of Labor Statistics’ Consumer Price Index, which also includes prices for offline-only products and services such as gasoline and rent) shows online prices have been mostly flat in recent months (down 0.7% year-on-year in October 2022).

Adobe Analytics says Cyber ​​Monday will set a record.

The company said Adobe’s numbers are not adjusted for inflation, but if online inflation is taken into account, there should still be growth in underlying consumer demand.

On a category basis, toys were the main growth driver in the days leading up to Cyber ​​Monday, with online sales up 452% from the one-day average in October 2022. Home appliances ( up 305%) and baby/toddler products (up 289%) were also in strong demand, along with electronics (up 276%) and apparel (up 258%).

Shoppers will find today’s record-breaking discounts on computers (as high as 27% off list price). Deals will also be found in most of the categories tracked, including clothing (19%), toys (33%), electronics (25%), sporting goods (16%), televisions (15%), and furniture (11%). Those looking to buy a device should consider waiting until Thursday (December 1), when the discount is set to peak at an average of 18%.

Weekend spending is still strong

Consumers spent on e-commerce on Black Friday over the weekend at $9.55 billion, up 4.4% year-on-year ($4.59 billion on Nov. .6% year-on-year and $4.96 billion in November, up 6.1% year-on-year). Season-to-date (November 1 to November 27), consumers have spent a total of $96.42 billion online, up 2.1% from the same period last year.

And while the big days (Thanksgiving Day, Black Friday) have reached new heights, consumers have been spending at record levels all season. Since November 1, shoppers have spent more than $2 billion per day, with 19 days over $3 billion spent online. Widespread, early price cuts are the main driver of the shift in consumer spending.

Vivek Pandya, lead analyst at Adobe Digital Insights, said: “Shoppers have received massive discounts over the past week, which is in stark contrast to last season when supply chain constraints drove prices up. high. “While discounting will have an impact on retailers’ bottom lines, it also boosts demand levels that can help brands build long-term loyalty and reap some short-term gains. “

Additional Adobe Analytics insights

Over the weekend, online toy sales grew 383% (compared to the category’s average daily sales in October 2022), with children’s toys in strong demand (252% up). ). Other categories with strong gains over the weekend included jewelry (up 230%), sporting goods (up 239%) and clothing (up 217%).

With online spending hitting new records and inflation hitting consumers, flexible payments have become a big story this season. In the past week (November 21-November 27), the number of “buy now, pay later” orders increased 68% and revenue increased 72% compared to the previous week.

Over the weekend, smartphones accounted for more than half of online sales for the first time (52%, up from 48% last year). However, Adobe expects mobile shopping to decline on Cyber ​​Monday, based on historical trends. Many people have gone back to work and used laptops, which will be the preferred device for online shopping.

Forecast for Cyber ​​Week

Adobe expects Cyber ​​Week (five days from Thanksgiving Day to Cyber ​​Monday) to generate $34.8 billion in online spending, up 2.8% year over year and accounting for 16 .3% market share during the whole holiday period from November to December.

Cyber ​​Monday is expected to remain the biggest online shopping day of the season and year, bringing in between $11.2 billion and $11.6 billion. Black Friday generated a record $9.12 billion in online spending, up 2.3% year-over-year, while Thanksgiving brought in $5.29 billion in online spending, up 2.9% over the same period last year.

Adobe analyzes direct consumer transactions online. The analysis includes more than one trillion visits to US retail websites, 100 million SKUs, and 18 product categories.

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