Online Spending Shatters Records on Cyber Monday 2023
Americans embraced digital deals this past Cyber Monday, ushering in a new wave of holiday shopping with record-breaking online spending. According to Adobe Analytics, consumers splashed out a staggering $10.8 billion online, a testament to the explosive growth of e-commerce. This surge in online purchases follows a trend seen over the entire Thanksgiving weekend, with Black Friday online sales reaching 55% of total sales and nearly 60% of Thanksgiving’s online purchases originating from mobile devices—a 14% increase from the previous year.
"Hopping on your phone is easier than ever before!" notes the surge in mobile commerce.
The frenzy peaked between 8 p.m. and 10 p.m. on Cyber Monday, with shoppers snapping up deals at a rate of nearly $16 million every minute. This year’s Cyber Monday haul surpassed last year’s figures by over 6%, reaching a staggering $13 billion in online sales.
Consumers weren’t just focused on one category; the hunt for deals spanned across electronics, appliances, and sporting goods. TVs and headphones emerged as the top sought-after items, captivating shoppers eager for tech upgrades or holiday gifts.
"Not only can you find gift cards discounted themselves that you can then gift to others, you can also purchase gift cards and use them as currency for future purchases," says consumer expert Regina Conway, highlighting another savvy shopping strategy embraced by consumers this Cyber Monday.
While Cyber Monday may be officially over, the deals aren’t gone just yet. Savvy shoppers can still find bargains on Amazon and other online retailers, extending the holiday shopping season. So, for those who missed out on the Cyber Monday madness, there’s still time to snag some fantastic deals.
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