According to Adobe Analytics, online shoppers broke records on Cyber Monday, spending $11.3 billion, contributing to a growth of 5.8% year over year and making the day the biggest online shopping day ever.
The spending binge in the face of persistent inflation comes three days after another record-breaking Black Friday online shopping haul of $9.12 billion.
Toys, where online sales increased by 684% in comparison to an average day in October, were the main driver of spending on Monday, according to Adobe. Pokémon cards, Legos, Hot Wheels, Disney Encanto, LOL Surprise dolls, Cocomelon, and Hatchimals were among the best-selling items.
FIFA 23, God of War Ragnarök, Madden 23, NBA 2K23, and Pokémon Scarlet & Violet were among the top games for gaming consoles like the PlayStation 5, Nintendo Switch, and Xbox Series X.
Smart TVs, Apple AirPods, Apple MacBooks, tablets, smart watches, instant pots, and air fryers were among the other top sellers.
Thanksgiving through Cyber Monday brought in $35.27 billion overall, up 4% from the previous year, according to Adobe.
Vivek Pandya, lead analyst at Adobe Digital Insights, stated in a news release that retailers made the right decision this season to drive demand through heavy discounting due to oversupply and a softening consumer spending environment. It increased online spending to higher than anticipated levels and reaffirmed e-commerce as a key channel for generating volume and capturing consumer interest.