Cyber ​​Monday sales in America exceed $12 billion

Consumers in America spent $12.4 billion on sales on what is known as Cyber ​​Monday, or “Cyber ​​Monday,” with an average spending of $15.7 million every minute, an increase of 9.6% over last year, according to data. Adobe e-commerce sales analysis.

The last hours witnessed an intensification of deals, as consumers tried to take advantage of discounts during the period between 10 pm and 11 pm, Eastern US time.

These sales come after “Black Friday,” or “Black Friday,” also achieved a record, estimated at $9.8 billion, an increase of 7.5% over last year, while the following weekend witnessed spending of $10.3 billion..

Total money spent during Cyber ​​Week, or the five-day period between Thanksgiving and Cyber ​​Monday, was $38 billion, up 7.8% year over year. The success of retailers’ plans to impose greater sales by expanding discount offers was evident after consumers retreated from spending amid rising interest rates, dwindling savings, and the return of student loan payments and credit card debt..

Patrick Brown, Vice President, said:Adobe told Yahoo Finance, “Prices drop and then discounts follow, and these two factors have combined to create a huge increase in demand.” He stressed that consumers feel they are getting good deals.

Various discretionary industries, some of which were affected by the decline in spending, saw a significant expansion on Monday, with the apparel sector recording a notable 189% increase in online sales, compared to average daily sales during October 2023, closely followed by an increase in sales of electrical appliances, toys and furniture. Electronics, jewelry and sporting goods.

According to Rakuten, an online shopping platform, people are visiting sites more frequently to check out discounts, and major retail sites like Walmart and eBay saw the highest increase in online traffic, followed by home and garden sites. , business and office supplies, and pet products, among others.

While e-commerce continues to grow, Shopify reported that its stores around the world achieved a record $9.3 billion during the sales week from Black Friday to Cyber ​​Monday, an increase of 24% compared to 2022, and it was not Friday. Black is the one who smashed doors, as was the case before.

AndOn Friday, in-store traffic was up just 2% from a year ago, according to retail analytics site RetailNext, with beauty and jewelry brands bringing in the most traffic.

Shoppers spent $940 million using the buy now, pay later mechanism (BNPL) on Monday, an increase of 42.5% compared to last year.

And consumers used it Mechanism In purchasing food blenders and processors, televisions, speakers, home entertainment devices, coffee makers, along with other optional items.

Beauty and skin care are also growing, as shoppers seek affordable items.

AndAll eyes are now on the next 32 days, as Christmas falls on Monday this year. This has historically meant a “deeper lull” between Thanksgiving and Christmas and “more last-minute shopping,” given a full weekend before Dec. 25, Dana Telsey, CEO of Telsey Advisory Group, said in a note to clients.