Consumer Behavior

Cyber Monday expected to be a record-setting sales day

Photo: Adobe Stock

December 2, 2024

Consumers are projected to spend $13.2 billion on Cyber Monday, a 6.1% jump year over year compared to 2023 with $750 million more than last year.

The sales figure comes from Adobe Analytics data and its holiday shopping report.

Between the hours of 8 p.m. and 10 p.m. on Dec. 2, online spending is expected to peak, with $15.7 million spent every minute, according to a press release.

The expectation would cap off a strong Cyber Week, as Adobe reported milestones for Black Friday ($10.8 billion up 10.2% YoY) and Thanksgiving ($6.1 billion, up 8.8% YoY).

Over this past weekend (Nov. 30 and Dec. 1), consumers spent $10.9 billion online (up 5.8% YoY), as discounts remained elevated across categories including computers, electronics, apparel, toys, appliances and televisions.

"Discounts have exceeded expectations beginning on Thanksgiving, and Cyber Monday has essentially become 'last call' for shoppers looking to get the best deals this season," Vivek Pandya, lead analyst, Adobe Digital Insights, said in the release. "We are on track for a Cyber Week, the five-day period between Thanksgiving and Cyber Monday, that crosses the $40 billion mark online and sets a new record for U.S. e-commerce."

Additional insights include:

• Shoppers are buying higher-ticket items this season, 'trading up' to more premium goods in categories such as electronics, appliances, and sporting goods.
• Mobile shopping has been cemented this holiday season as the dominant e-commerce channel for big promotional days, driving 55% of online sales on Black Friday and 59.5% of online sales on Thanksgiving (vs. desktop).
• Generative AI-powered chat bots are influencing how consumers shop online. On Black Friday, as well as over this past weekend, traffic to retail sites from chat bots (e.g., shoppers clicking on a link to a retail site) increased by 1,800% compared to the same periods last year (up 1,900% on Thanksgiving). In an Adobe survey of 5,000 U.S. consumers, 20% of respondents say they turn to chat bots to find the best deals, followed by quickly finding specific items online (19%) and getting brand recommendations (15%).