Cyber Monday once again proved to be the largest online shopping day of the year, with impressive growth across multiple categories. According to Adobe’s data, toys led the charge, with sales rising 680% compared to an average October day. Appliances followed closely behind, growing 464%, while electronics and apparel saw increases of 452% and 392%, respectively. This surge in online spending contributed to a record $41.1 billion in total sales from Thanksgiving to Cyber Monday, marking an 8.2% increase from the previous year.
The holiday season started with strong numbers. Thanksgiving Day saw online spending hit $6.1 billion, an 8.8% year-over-year increase. Black Friday sales also performed well, reaching $10.8 billion, a 10.2% rise compared to the year before. While Cyber Monday remained the peak of the holiday shopping period, the growth on Thanksgiving and Black Friday was notably higher, with many consumers taking advantage of early discounts, shifting their purchases earlier in the week.
Consumers were not just buying lower-cost items. Discounts prompted more shoppers to purchase big-ticket items such as electronics, appliances, and sporting goods, contributing to further growth in e-commerce. Among the retail categories, electronics, apparel, and furniture led the way, with year-over-year increases of 10.6%, 9.5%, and 6.6%, respectively. Adobe forecasts that total online spending for the period from November 1 to December 31 will reach $240.8 billion, a solid 8.4% increase over last year.
As the holiday season progresses, two emerging trends are shaping consumer behaviour. The use of generative AI tools, including chatbots, has spiked, with traffic to retail sites driven by these assistants rising by a remarkable 1,950% on Cyber Monday. While still a modest base, the surge suggests that chatbots are becoming valuable shopping assistants for consumers looking for deals or specific products. Additionally, social media influencers continue to play a significant role in driving traffic, accounting for 20.3% of revenue generated on Cyber Monday, up 6.8% from last year.
Interestingly, it’s not higher prices but rather new demand that is driving online spending. E-commerce prices have been on a downward trend for the past 26 months, with a 2.9% drop in October. Despite this deflation, Adobe’s data suggests that consumer spending is still growing, and when factoring in the impact of lower prices, the overall growth in online shopping would be even stronger.
itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.
