American consumers spent record amounts during Cyber Monday sales events, beating last year’s total by 9.6%, according to data from Adobe Analytics.
The company tracked multiple data points during “Cyber Week,” which starts on Thanksgiving and ends the following Monday. During this period, consumers purchased $38 billion in goods, an increase of 7.8%, $12.4 billion of which was spent during Cyber Monday alone. This latter total, which Adobe notes came in ahead of its original estimate, was primarily driven by clothing, toys and gaming consoles. By the end of the year, the brand expects to see American buyers spend up to $221.8 billion on holiday shopping.
While consumers are definitely spending more on gifts, they are also changing the way they purchase from companies. Buy-now-pay-later apps saw record-breaking popularity during Cyber Monday and were used to purchase roughly $940 million in goods, 42.5% more than last year. Additionally, online buyers were almost just as likely to shop on a mobile device as on a desktop, with 51.8% of Cyber Week transactions being made through smartphones. Companies also implemented heavy discounts across numerous products to attract more Cyber Monday shoppers. Adobe reports that the average markdown for electronics was 31% in 2023, compared to 25% in 2022.
The holiday season continues to be a crucial source of revenue for businesses, both large and small, but only if they can effectively predict how and where consumers will shop. The better brands can accommodate customers online and in-store, the more products they will sell. Reviewing market data from platforms such as Adobe Analytics can be the key to improved profits and happier customers.