A busy Cyber Monday highlighted a busy “Cyber Week” over Thanksgiving for American shoppers.
U.S. shoppers spent $13.3 billion online on Cyber Monday, according to Adobe Inc., Bloomberg reported. That’s up 7.3% over 2023 and topping – barely — beating the firm’s initial forecast of $13.2 billion.
Adobe said the strong showing could be attributed to shoppers waiting for the biggest discounts and using buy-now-pay-later loans to splurge on pricey items, according to Bloomberg.
Spending during the five-day period — which runs from Thanksgiving through Cyber Monday — reached more than $41.1 billion, up 8.2% over the previous year, Adobe said in a statement.
“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,” Adobe’s lead analyst Vivek Pandya told Bloomberg. “Early discounts were strong enough that many consumers felt comfortable hitting the buy button earlier on during Cyber Week, with Cyber Monday becoming ‘last call’ for shoppers to take advantage of big holiday deals.”
Total online sales for November and December combined are set to reach $240 billion, up 8.4% from last year, according to the firm.
