The holiday shopping season has officially kicked off with one of the most chaotic weekends for retail and online stores everywhere. Black Friday, Small Business Saturday, and finally Cyber Monday truly did set the tone for how intense holiday gift shopping is looking to be in the coming month. According to data curated by Adobe, Cyber Monday in particular broke e-commerce records, as shoppers in the United States spent about $9.4 billion online this year!
According to the same data, Americans spent close to $1.5 billion more than they did last year; granted $3 billion of the money spent this year was on smartphones alone, another record broken for the smartphone industry. Technology has truly developed and thrived this year, so it makes sense that a hefty percentage of spending was on smartphones and other electronics that were on sale this Monday.
During the peak times of online traffic, consumers were collectively spending $12 million every minute. After this weekend, US online shoppers have spent close to $82 billion since the beginning of November on their holiday shopping. Representatives from Adobe said that the original forecast for Cyber Monday Sales didn’t exceed $8 billion, even with the massive amount of money consumers have already spent before this past weekend.
“That’s despite very aggressive pricing on the part of online sellers. “Retailers unlocked sales earlier to combat a shorter shopping season, while continuing to drive up promotion of the big branded days including Black Friday and Cyber Monday. Consumers capitalized on deals and ramped up spending, especially on smartphones, where activity increased on days when shoppers were snowed or rained in,” said John Copeland, head of Marketing and Consumer Insights at Adobe, in a statement.
According to Tech Crunch Magazine, the top items sold this year on Cyber Monday included Frozen 2 merchandise, LOL Surprise Dolls, NERF products, Nintendo products, Star Wars merchandise, Samsung TV’s, Amazon Fire TV, Airpods, and air fryers. A diverse group of products for sure, but when we think about where each of these products fall demographic wise, it makes a lot of sense. Of course, smartphones also took a top spot, accounting for almost a third of the total money spent, sending overall smartphone sales for the year up 46%.
Cyber Monday has been slowly taking the crown from Black Friday in terms of significant shopping days during this Thanksgiving weekend. More and more consumers are embracing the digital age and staying home instead of getting up early to go to the store and wait for hours in line to get a TV on sale that they could just buy for the same reduced price online that upcoming Monday. Additionally, this year the winter weather hit a lot of the US hard during Thanksgiving weekend, so customers were even less inclined to leave their homes, and more inclined to shop online.
“Online shopping received some unexpected boosts this holiday season. Retailer fears of a shorter season meant that deals came much sooner than usual, and consumers took notice. In some areas of the country, adverse weather in the form of snow and heavy rain meant that many opted to stay home instead and grabbed the best deals online. Just look at Black Friday, which brought in $7.4 billion online and is just below last year’s Cyber Monday at $7.9 billion,” said Taylor Schreiner, principal analyst and head of Adobe Digital Insights.
With online retail growing everyday, it makes perfect sense that Cyber Monday brought in so much money this year. Tech Crunch predicts that in total consumers will spend $14 billion more than they did this year on their online shopping alone. It’s truly beginning to look a lot like Christmas.
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at firstname.lastname@example.org.