Cyber Monday 2024 shattered records with U.S. consumers spending $13.3 billion online, a 7.3% increase year-over-year (YoY), according to data released by Adobe Analytics. The surge marked the largest Cyber Monday to date and highlighted the growing dominance of mobile shopping, which accounted for 57% of online sales.
Cyber Monday capped a record-breaking Cyber Week, which spanned Thanksgiving to Cyber Monday, with total online sales of $41.1 billion, up 8.2% YoY. Thanksgiving Day online sales reached $6.1 billion (up 8.8%), while Black Friday pulled in $10.8 billion (up 10.2%).
During the peak Cyber Monday shopping hours between 8 p.m. and 10 p.m., consumers spent $15.8 million every minute. Discounts exceeded expectations in key categories, with electronics (30.1% off), toys (26.1%), and apparel (23.2%) seeing the steepest price drops.
“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,” said Vivek Pandya, lead analyst at Adobe Digital Insights.
Top Performing Categories and Products
Toys saw explosive growth on Cyber Monday, with sales up 680% compared to an average day in October. Other standout categories included personal care (up 530%), jewelry (up 478%), and appliances (up 464%).
Bestselling items on Cyber Monday included toys like Elf on the Shelf dolls, LEGO City sets, and Harry Potter figurines. Popular electronics included gaming consoles such as PlayStation 5, Xbox Series X, and Nintendo Switch OLED, along with Bluetooth headphones and smartwatches. Shoppers also flocked to deals on skincare products, apparel, and home appliances.
Mobile Shopping Dominates and AI Gains Ground
Mobile shopping hit a new milestone, generating $7.6 billion in online sales on Cyber Monday, up 13.3% YoY. This marks a significant shift from 2019, when mobile accounted for just 33% of Cyber Monday sales.
Generative AI-powered tools are also reshaping the e-commerce landscape. Chatbots directing shoppers to retail sites saw a 1,950% YoY increase in traffic on Cyber Monday. Meanwhile, the role of influencers in driving sales grew, with influencer-driven purchases converting six times more than traditional social media marketing.
Buy Now, Pay Later Reaches New Heights
The use of Buy Now, Pay Later (BNPL) services also hit a record high, accounting for $991.2 million in sales on Cyber Monday, a 5.5% increase YoY. Mobile devices were the preferred platform for BNPL transactions, making up 75.2% of the total.
E-Commerce Growth Persists Amid Seasonal Trends
From November 1 to December 2, 2024, online shoppers spent $131.5 billion, a 9% increase YoY. Electronics, apparel, and furniture drove more than half of all spending. Strong discounts on high-ticket items, including sporting goods and appliances, contributed to this growth.
E-commerce prices have also fallen for 26 consecutive months, dropping 2.9% YoY in October 2024, according to Adobe’s Digital Price Index. These price trends suggest that increased spending is driven by demand rather than inflation.
What’s Next for Holiday Shopping
Adobe predicts that the full holiday shopping season (November 1 through December 31) will generate $240.8 billion in online sales, up 8.4% YoY. While peak discounts have passed, categories like toys, electronics, and apparel are expected to maintain solid deals through December.
The post originally appeared on following source : Source link