New data indicates that online retailers are set for historic Cyber Monday success.
According to the latest Adobe Analytics figures, consumers will spend between $11.2 billion and $11.6 billion on Cyber Monday, Nov. 28, making it the biggest online shopping day of the year (and of all time). This is a slight upward revision from the previous Adobe Analytics estimate of $11.2 billion in Cyber Monday online sales.
If Cyber Monday meets Adobe’s expectations, it will conclude a very strong overall “Cyber Week,” the five-day period spanning Thanksgiving to Cyber Monday. Season-to-date (Nov. 1 to Nov. 27), Adobe Analytics has tracked consumers' online spending at a total of $96.42 billion, up 2.1% YoY. Since Nov. 1, online shoppers spent over $2 billion every day, with 19 days above $3 billion in online spend.
According to Adobe, broad, early discounts were the main drivers for this shift in consumer spending. Adobe expects that online shoppers will find record discounts on Cyber Monday for computers (peaking at 27% off listed price toys (33%), electronics (25%), apparel (19%), sporting goods (16%), televisions (15%), and furniture (11%).
However, Adobe forecasts that online appliance discounts will not peak until Thursday, Dec. 1, when they are expected to peak at 18% on average.
“There is a ton of momentum coming into Cyber Monday, after a surprising Sunday where consumers latched onto early deals and spent nearly $5 billion online, shattering previous records,” said Vivek Pandya, lead analyst, Adobe Digital Insights. “With discounts set to reach new heights, Adobe expects Cyber Monday will be a major bright spot this season.”
Adobe’s analysis covers the period from Nov. 1-27, 2022. Findings are based on Adobe Analytics data and provide a comprehensive view into U.S. e-commerce by analyzing commerce transactions online. The analysis covers over 1 trillion visits to U.S. retail sites, 100 million SKUs, and 18 product categories.