Cyber Monday in the U.S. has set a new online shopping record, with sales reaching an impressive $12.4 billion, a 9.6% increase from the previous year. Despite cautious forecasts from retailers anticipating inflation-constrained budgets, enticing discounts across various categories drove consumers to splurge on Christmas purchases. Peak discounts of 31% in electronics and 23% in apparel, along with increased adoption of Buy Now, Pay Later (BNPL) services, contributed to the record-breaking success, with BNPL purchases surging to $940 million, a 42.5% increase from the previous year.
28 November 2023 – U.S. consumers flocked to online retailers on Cyber Monday, ringing in a record-breaking $12.4 billion in sales, according to data from Adobe Analytics. The surge in online spending marked a notable 9.6% increase from the previous year’s $11.3 billion, surpassing initial expectations of a 6.1% rise to $12 billion.
Despite subdued forecasts from retailers such as Walmart and Macy’s, who anticipated challenges due to inflation-constrained budgets, the holiday shopping season kicked off with blockbuster deals from Thanksgiving Day through Cyber Monday. The enticing discounts across various categories propelled consumers to open their wallets and indulge in Christmas purchases.
Cyber Monday, traditionally the pinnacle of online shopping in the U.S., witnessed peak discounts of 31% in the electronics category and 23% for apparel, according to Adobe. Notable items driving consumer interest included Hot Wheels toys, PlayStation 5, and smartwatches. However, shoppers also embraced diverse categories like jewelry, personal care products, and furniture.
Beyond traditional payment methods, shoppers are increasingly turning to flexible options like Buy Now, Pay Later (BNPL) services. These services allow consumers to avoid additional fees and interest associated with credit card payments, providing a convenient way to stretch Christmas budgets. Cyber Monday 2023 saw a record $940 million in BNPL purchases, marking a substantial 42.5% increase from the previous year and reaching an all-time high in BNPL usage.
The robust performance on Cyber Monday not only reflects the resilience of consumer spending but also underscores the significant impact of online discounts and flexible payment options in shaping purchasing behaviors during the festive season. – ref: Reuters
