Consumer spending on Cyber Monday met expectations, with consumers spending $11.3 billion, up 5.8% from a year earlier, according to the latest Adobe Analytics figures. The spending spree was so strong that during the peak shopping hours of 8:00 a.m. to 9:00 p.m. Pacific Standard Time, consumers spent $12.8 million per minute.
Adobe predicted consumers would spend between $11.2 billion and $11.6 billion on Cyber Monday.
Toy sales were a major driver of overall sales, posting a more than six-fold increase compared to a year earlier. Other product categories posting strong sales were sporting goods, appliances, books, and jewelry, each of which saw more than a four-fold increase from a year ago. Sales of electronics and computers were also strong, with each category posting a more than three-fold increase from 2021.
Discounts played a key role in propelling Cyber Monday sales to higher levels than the previous year, Adobe says. According to Block Inc.’s Square unit, which tracks Cyber Monday sales through its merchant network, the average discount was 21%.
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Another factor driving consumer spending was net-new demand. The Adobe Digital Price Index, which tracks e-commerce prices across 18 categories, shows that online prices declined 0.7% in October, compared to a year earlier.
When it comes to how consumers are paying for their holiday gift purchases, buy now, pay later remains a popular option. BNPL transactions through Block’s Afterpay service have increased 120% since Black Friday, the official start of the Christmas shopping season in the United States, the company said. The trend is in line with pre-holiday research conducted by Square in which one in six U.S. consumers said they plan to purchase a gift during the holiday shopping season using BNPL.