Consumers collectively spent a record $13.3 billion online during Cyber Monday, surpassing previous expectations.
According to the latest Adobe Analytics data, spending climbed 7.3% compared with the same period a year ago, and surpassed its expectation of $13.2 billion. In the final hours of the shopping day, consumers spent $15.8 million every minute as they capitalized on larger-than-expected discounts.
Usage of buy now, pay later services has also hit a record on Cyber Monday, accounting for $991.2 million in total spending, up 5.5% compared with the same time a year ago.
The Monday after Thanksgiving remains the biggest online shopping day of all time, according to Adobe.
The strong holiday sales so far this season have demonstrated households’ capacity to spend even with inflation slightly higher than the Federal Reserve's 2% target.
Online purchases from the retail companies, Amazon and IKEA, in cardboard boxes are seen in front of a customer's door. (Xavi Lopez/SOPA Images/LightRocket via Getty Images / Getty Images)
National Retail Federation chief economist Jack Kleinhenz said in November that falling energy prices were "likely provided extra dollars for household spending on retail merchandise."
So far this holiday season, from Nov. 1 to Dec. 2, consumers have collectively spent $131.5 billion online, a 9% jump compared with the same period a year ago.
More than half of all spending online has notably been driven by three categories, including electronics, apparel and furniture.
So far this holiday season, from Nov. 1 to Dec. 2, consumers have collectively spent $131.5 billion online, a 9% jump compared with the same period a year ago. (iStock / iStock)
Online spending on electronics has already surpassed $30 billion, while spending on apparel and furniture totaled over $24 billion and $16 billion, respectively. This demonstrates how the steep discounts from companies have driven consumers to spend more on higher-ticket items.
Over the past month, the "share-of-units-sold" for the most expensive goods increased by 28%.
Adobe's figures are not adjusted for inflation. If online deflation was factored into its data, then growth in spending would be stronger, according to Adobe.