Biggest Shopping Day Ever: Americans Spend Record $11.3 Billion On Cyber Monday

Topline

Americans shelled out for the discount-heavy Cyber Monday, making it the most prolific online shopping day ever, according to Adobe Analytics, a sign of resilient spending even as inflation rages on and the U.S. economy flirts with a recession.

American shoppers pounced on online discounts.

Universal Images Group via Getty Images

Key Facts

American consumers spent $11.3 billion Monday, per Adobe.

That’s a 5.8% increase from the $10.7 billion spent on Cyber Monday in 2021, which was the first ever year-over-year decrease in consumer spending on Cyber Monday as retailers offered unusually few discounts as supply-chain challenges impacted inventory.

The record Cyber Monday follows similarly strong Thanksgiving and Black Friday, with Adobe estimating a record $5.29 billion and $9.12 billion in online spending on the respective days, each up more than 2% from 2021.

U.S. shoppers spent $35.27 billion between Thanksgiving and Cyber Monday, up nearly 5% from last year, per Adobe.

Key Background

The robust Cyber Monday is the latest example of the paradoxical situation the U.S. economy sits in: Retail spending remains strong even as inflation sits at its highest level in four decades and the Federal Reserve attempts to slow the economy to rein in consumer prices. The latest government data revealed a 1.3% month-over-month increase in consumer spending. The holidays are a critical time for retailers, with November and December accounting for about a fifth of all retail sales, according to the National Retail Federation.

Crucial Quote

Adobe analyst Vivek Pandya called retailers’ decision to pursue “heavy discounting” given “oversupply and a softening consumer spending environment” the “right call this season to drive demand.”

Big Number

$210.1 billion. That’s how much Americans will spend online this November and December, Adobe projects, a 2.8% increase from 2021.

Breaking