Online shoppers during Cyber Monday generated a total of $12.4 billion in sales, according to Adobe Analytics data.
The 2023 holiday shopping season has seen a surge in online spending, with Cyber Week—from Thanksgiving to Cyber Monday—shattering previous records. Adobe Analytics estimates that shoppers spent a staggering $27.2 billion to $28.5 billion during this key shopping period, marking a significant 7.8% increase from the same period in 2022.
Cyber Monday, traditionally the single biggest online shopping day of the year, saw consumers spend $12.4 billion, a 9.6% increase from the previous year. The greatest discounts were offered on electronics (31% off), followed by toys (27%), computers (24%), apparel (23%), furniture (21%), televisions (19%), and appliances (18%).
Thanksgiving Day and Black Friday also contributed to the record-breaking spending, with sales totalling $5.6 billion and $9.8 billion respectively, reflecting growth of 5.5% and 7.5% from the previous year.
The trend of increased mobile sales continued in 2023, with smartphones accounting for 51.8% of online sales. On Thanksgiving Day, 59% of online sales occurred via smartphone.
The holiday shopping season of 2023 is expected to continue the trend of increased mobile sales, with apparel sales spiking 189% compared to the average day last month. Between November 1 and November 27, buy now, pay later sales online saw a 17% jump from 2022 to $8.3 billion.
Adobe predicts that November 2023 will be the biggest month for installment payment transactions on record. Between November 1 and November 27, 2023, total online sales reached $109.3 billion, up 7.3% from the same period in 2022. The five categories that drove the majority of the spending were electronics, apparel, furniture, groceries, and toys.
Vivek Pandya, lead analyst at Adobe Digital Insights, commented that the 2023 holiday shopping season began with uncertainty but was impacted by discounts and quality products that drove a lot of impulse shopping. The record online spending across Cyber Week indicates the impact that discounts can have on consumer demand.
- The surge in online shopping during the 2023 holiday season, particularly during Cyber Week, was significantly higher than the previous year, with Adobe Analytics estimating a 7.8% increase.
- Cyber Monday, known as the biggest online shopping day, saw a 9.6% increase in spending compared to 2022, totaling $12.4 billion.
- Discounts played a crucial role in the record-breaking spending, with the greatest deals offered on electronics (31% off), followed by toys (27%), computers (24%), apparel (23%), furniture (21%), televisions (19%), and appliances (18%).
- The trend of increased mobile sales continued in 2023, with smartphones accounting for 51.8% of online sales and 59% of online sales on Thanksgiving Day occurring via smartphone.
- The holiday shopping season of 2023 is expected to continue the trend of increased mobile sales, with apparel sales spiking 189% compared to the average day last month, reflecting the growing importance of mobile commerce.
- The use of installment payment transactions also saw a significant increase during the 2023 holiday season, with November 2023 predicted to be the biggest month on record for such transactions.
- Vivek Pandya, lead analyst at Adobe Digital Insights, attributed the record online spending during Cyber Week to discounts and quality products that drove impulse shopping.
- The impact of discounts on consumer demand was evident during the 2023 holiday shopping season, as demonstrated by the record online spending across Cyber Week.
- In addition to electronics and apparel, other categories that drove the majority of the spending during the 2023 holiday season were furniture, groceries, and toys, indicating a diverse range of preferences among shoppers.
These trends suggest that AI-driven research and insights could play a critical role in shaping personal-finance and lifestyle decisions, including smartphone purchases, fashion choices, and smart deals-and-discounts on gadgets during the upcoming shopping seasons. Moreover, the increased emphasis on cybersecurity and the rise of AI in everyday activities like shopping could have far-reaching implications for the future of finance and culture. The 2023 holiday shopping season provides a glimpse into how the intersection of technology, inflation, and consumer behavior can shape the landscape of both online and offline retail.
