The holiday shopping season kicked into high gear over the weekend, with Cyber Monday setting a new record for online spending. U.S. shoppers spent a staggering $12.4 billion online on Monday, marking a 9.6% increase from the previous year. This surge in online spending helped to offset some softness in brick-and-mortar retail sales, which saw a modest 1.1% increase compared with last year.
The trend of consumers using “buy now, pay later” (BNPL) options reached a new high on Cyber Monday, with shoppers spending a record $940 million through BNPL services. This represents a 43% increase from last year, and Adobe Analytics expects November to be the biggest month on record for BNPL.
Several factors contributed to the record-breaking Cyber Monday sales. Deep discounts across a wide range of categories, including electronics, apparel, and toys, enticed shoppers to make purchases online. Additionally, the convenience of online shopping and the ability to avoid crowds at physical stores likely played a role in the surge in e-commerce activity.
In-store sales, while up slightly from last year, did not experience the same level of growth as online sales. This suggests that shoppers are increasingly turning to the internet to make their holiday purchases.
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Some of the best-selling products on Cyber Monday included Lego sets, Nintendo Switch consoles, Sony PlayStation 5 consoles, headphones, and smartwatches. These items were heavily discounted, making them even more appealing to shoppers.
The strong showing of BNPL services on Cyber Monday is a sign that this payment option is becoming increasingly popular among consumers. BNPL allows shoppers to spread out the cost of their purchases over time, often without having to pay interest. This can make it easier for shoppers to afford larger purchases, such as electronics and appliances.
The record-breaking Cyber Monday sales are a positive sign for retailers, as they suggest that consumers are willing to spend money this holiday season. However, it is important to note that the overall holiday shopping season is still young, and it remains to be seen whether the strong start will continue throughout the rest of the year.
Overall, Cyber Monday 2023 was a resounding success for online retailers. The record-breaking sales are a testament to the growing popularity of e-commerce and the increasing adoption of BNPL services.
