Cyber Monday hits a new high: $13.3 billion spent online in the U.S.

According to a report from consulting firm Adobe Analytics, U.S. consumers spent $13.3 billion online this past Cyber Monday (Dec. 2), up 7.3 percent from last year's $12.4 billion. This year's figure exceeds Adobe's previous forecast of $13.2 billion. From Nov. 1 to Dec. 2, online spending by U.S. consumers rose 9 percent year-over-year to $131.5 billion.

Mobile shopping accounted for 57 percent of online sales on Cyber Monday, or $7.6 billion in spending, up 13.3 percent year-over-year. That's up from 2019, when 33 percent of Cyber Monday sales came from mobile devices.

The use of “buy now, pay later” services reached an all-time high on Cyber Monday, with $991.2 million in spending, a 5.5 percent increase over last year. About 75 percent of buy now, pay later transactions occurred on mobile devices, and Adobe attributed the increase in buy now, pay later usage to consumers wanting more options to manage their holiday spending budgets.

Toys, appliances, electronics and apparel were the top performing categories on Cyber Monday, according to Adobe. Toy sales were up 680 percent compared to the October average. Appliances were up 464 percent, electronics were up 452 percent and apparel was up 392 percent.

Consumers spent $41.1 billion online from Thanksgiving through Cyber Monday, an 8.2 percent increase over last year. Online spending during Thanksgiving hit a record high, up 8.8% year over year to $6.1 billion. Online spending on Black Friday reached $10.8 billion, up 10.2 percent from a year ago.

“While Cyber Monday remains the biggest online shopping day of the season and year, both Thanksgiving and Black Friday saw stronger year-over-year growth,” Adobe principal analyst Vivek Pandya said in a statement. “Early discounts were strong enough that many consumers decided to purchase items earlier during Cyber Week, while Cyber Monday was the last day for consumers to take advantage of great holiday deals throughout Thanksgiving weekend.”

Additionally, most merchants offered significant discounts during Thanksgiving to encourage shoppers to purchase higher-priced electronics, appliances, and sporting goods merchandise, further fueling e-commerce growth.

So far during the holiday season, these three retail categories have driven more than half of all online spending, Adobe said. Electronics is up 10.6 percent from a year ago to $30.1 billion; apparel is up 9.5 percent to $24.6 billion; and furniture is up 6.6 percent year over year to $16.2 billion. Overall, Adobe expects spending from Nov. 1 to Dec. 31 to reach $240.8 billion, up 8.4 percent from a year ago.

With Christmas less than three weeks away, there are two other trends that are shaping consumer behavior this holiday season - generative AI and the rise of social influencers. On Cyber Monday, traffic diverted from chatbots to retail sites soared 1,950 percent. “While still modest, the growth in the user base demonstrates the value of chatbots as shopping assistants for consumers looking for deals or finding products quickly,” Adobe said.

The company also tracks the extent to which marketing channels drive consumers to shop on retail sites in the U.S. Adobe's research shows that Cyber Monday's revenue share in the segment of social media influencers was 20.3%, up 6.8% from last year.Adobe said its data shows that social influencers are converting shoppers six times more often than social media as a whole.

Finally, Adobe noted that it's more new consumer demand, not higher commodity prices, that's driving online consumer spending growth. E-commerce prices have fallen for 26 consecutive months and were down 2.9% in October, according to the company. When online deflation is factored in, then consumer spending growth is stronger than it looks on paper.

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