Discount hunting shoppers Pokemon cards, TVs and air fryers snapped up on Cyber Monday, driving sales to $11.3 billion — the biggest US online shopping day in history, according to Adobe Analytics data.
Sales, not adjusted for inflation, were up 5.8% from a year ago, according to data from Adobe Analytics, which measures e-commerce performance by analyzing 85% of purchases at the top 100 Internet retailers in the United States.
Retailers launched promotions and discount offers as early as October to spur higher sales. Shoppers weary of inflation Most people put off their holiday shopping until Black Friday weekend and Cyber Monday in hopes of finding the best deals.
Major retailers including Target, Macy’s and Best buy All have signaled a return to pre-pandemic shopping patterns and the need for heavy discounts during traditional single-day shopping events.
Toys were hot products According to a report by Adobe Analytics, on Cyber Monday, online sales increased nearly eight times compared to an average day in October 2022.
Electronics sales rose nearly fivefold, while sporting goods, appliances and books saw an increase of more than 400%.
Pokemon cards, Hot Wheels, PlayStation 5s, Smart TVs and Apple AirPods are top-selling products, the report added.
About 196.7 million shoppers made purchases during the five-day holiday period from Thanksgiving to Cyber Monday, the National Retail Federation reported Tuesday.
Online payment service provider Shopify said Tuesday that merchants using its platform recorded $7.5 billion in sales worldwide between Black Friday and Cyber Monday.
However, some experts don’t believe a bright Cyber Monday is a sign that inflation is easing its burden on consumer sentiment.
“Online shopping is still only 15% of all retail sales, so it’s not necessarily a good indicator of the health of the overall economy,” said Don North, senior economist at Alliance Trade North America, a global trade credit insurer.