Online shoppers broke spending records for Cyber Monday!
According to Adobe Analytics, buyers spent $12.4 billion, making it the biggest virtual shopping day of all time.
That amount not only surpassed Adobe’s projections, but it's also up 9.6% from the $11.3 billion spent last year.
According to Adobe, during the peak hour, which was from 10 a.m. to 11 a.m. ET, shoppers spent $15.7 million every minute.
Experts say holiday spending will likely give the economy a boost heading into the new year.
"The 2023 holiday shopping season began with a lot of uncertainty, as consumers shifted their spending to services, while dealing with rising costs across different facets of their lives,” said Adobe Digital Insights lead analyst Vivek Pandya in the press release. “The record online spending across Cyber Week, however, shows the impact that discounts can have on consumer demand, especially with quality products that drove a lot of impulse shopping."
While many shoppers embraced online shopping, Adobe notes that a significant number opted for budget flexibility as Cyber Monday saw a record $940 million spent using 'Buy Now, Pay Later' services,reaching an all-time high.
Overall, from Thursday through Monday, Cyber Weekend brought in record-breaking online spending of $38 billion, up 7.8% from the previous year.
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