Cyber Monday 2024 shattered previous records, with U.S. consumers spending an astonishing $13.3 billion online, representing a 7.3% increase over last year’s tally of $12.4 billion. This surge exceeded early forecasts made by Adobe Analytics, which had projected sales would reach $13.2 billion. This year's Cyber Monday not only became the biggest online shopping day ever but also capped off a lucrative five-day shopping stretch from Thanksgiving to Cyber Monday, with total online sales reaching $41.1 billion, reflecting an 8.2% year-over-year growth.
According to Adobe, peak shopping activity was observed during the hours of 8 p.m. to 10 p.m. Eastern Time, where shoppers collectively spent $15.8 million each minute. Notably, mobile commerce played a significant role, accounting for 57% of all online sales on Cyber Monday. This equated to approximately $7.6 billion spent via mobile devices, marking a 13.3% increase from the previous year. It’s remarkable when considering just five years ago, only 33% of Cyber Monday purchases were made on mobile devices.
The Cyber Week performance was bolstered by substantial online sales during previous shopping days, with Thanksgiving Day seeing $6.1 billion and Black Friday raking in $10.8 billion. The online sales figures during this holiday season highlight how consumer spending has remained resilient, with Adobe forecasting total online spending during the quarter to reach around $240.8 billion, which would be up 8.4% from last year.
Various product categories demonstrated especially strong sales on Cyber Monday. For example, toy sales soared by 680% compared to average daily sales figures from October. Other categories performing exceptionally well included personal care items, which saw sales grow by 530%, jewelry with a 478% increase, appliances at 464%, electronics at 452%, and apparel increasing by 392%. Among the best-selling items were gaming consoles, computers, digital cameras, and various toy lines like LEGO and Disney figurines.
Adobe also noted the deep discounts which were pivotal to driving online sales. For example, electronics discounts peaked at nearly 30.1%, with other categories such as toys and apparel seeing similar reductions. Thanksgiving and Black Friday had shown even more aggressive markdowns, resulting in many consumers opting to make purchases earlier during the holiday shopping period.
Interestingly, statistics indicate significant growing trends, with the use of “buy now, pay later” (BNPL) options surging on Cyber Monday, which accounted for $991.2 million of spending, up by 5.5% compared to the prior year. Most BNPL transactions, an astounding 75.2%, were carried out on mobile devices, showing the shifting preferences of consumers seeking flexible payment options.
The impact of technology and consumer behavior trends have also shaped shopping patterns this year. Traffic directed to retail websites via generative AI-powered chatbots saw remarkable growth, increasing by 1,950% compared to Cyber Monday of 2023. Even though the total user base remains small, the data suggests these chatbots are becoming valuable tools for assisting shoppers with finding products and deals.
Another significant trend is the rising influence of social media, particularly through influencers driving sales. On Cyber Monday, the affiliate revenue generated from social media influencers accounted for 20.3% of total online sales, which is up 6.8% from last year. According to Adobe, influencers are proving to be effective at inspiring purchases, converting shoppers at six times the rate of standard social media ads.
Looking at the broader picture of consumer behavior, the data shared highlights the continuing evolution of shopping habits. For the holiday season so far (November 1 to December 2, 2024), consumers have lavished $131.5 billion online, up by 9% year-over-year. Mobile shopping holds over half of this total spending, indicating the significant shift toward mobile across the retail industry.
Despite the variations and conditions of the economy, Adobe's Digital Price Index reports steady declines, with e-commerce prices falling for the last 26 months, registering a 2.9% decrease year-over-year. Experts suggest if these decreases were adjusted for inflation, the growth estimates for holiday spending would appear even more favorable.
Merchants are likely to maintain their discount strategies throughout December to attract shoppers who remain vigilant for good deals. Consumers can still expect competitive pricing on sought-after products across various categories such as toys, electronics, apparel, and home appliances.
During the Black Friday weekend, according to data from payment processor Adyen, contactless payments soared to account for 58% of all in-person transactions, and there was nearly double the usage of tap-to-pay functions on mobile devices compared to prior years. This reflects the growing confidence of consumers favoring digital payments and the convenience they offer during peak shopping periods.
Adobe's lead analyst Vivek Pandya summarized the situation succinctly, noting, “While Cyber Monday remained the season’s and year’s biggest online shopping day, year-over-year growth was stronger on both Thanksgiving and Black Friday.” This speaks volumes to the evolution of shopping days and the increasing inclination for consumers to act early on good deals rather than wait until Cyber Monday.
Overall, this year’s Cyber Monday has undoubtedly set new benchmarks, indicating strong consumer confidence and willingness to spend, particularly driven by mobile technologies and digital payment systems, alongside eager merchandise pricing strategies from retailers.