Cyber Monday Expected To Generate $12B In Shopping Revenue
Cyber Monday is expected to remain the year’s biggest online shopping day. Adobe Analytics predicts it will generate $12 billion, up 6.1% year-over-year (YoY), with experiences taking priority when it comes to gifts — not just for others but for self-gifting as well.
Cyber Monday is expected to reach all-time high of $12 billion, up 5.4% year-over-year (YoY). Adobe said consumers spent $4.8 billion on Saturday and forecast they would spend $5.2 billion on Sunday.
Thanksgiving Day in the U.S. saw $5.6 billion in online spend — up 5.5% YoY, according to Adobe, which analyzes commerce transactions online of more than 1 trillion visits to U.S. retail sites, 100 million SKUs and 18 product categories.
Cyber Week — the five days from Thanksgiving to Cyber Monday — will generate $37.2 billion in online spend. This total is up 5.4% YoY, representing 16.8% share of the full holiday season, Adobe Analytics predicts.
Demand for electronics, smartwatches, TVs and audio equipment helped boost Saturday’s online sales by 7.5% compared with last year. Consumers extended budgets by relying on options like buy-now, pay-later, which climbed by 72% from the week before Thanksgiving.
Adobe expects mobile to overtake desktop for the first time this holiday season, with 51.2% of spend online to take place on mobile.
Smartphones accounted for $5.3 billion of online sales on Black Friday, up 10.4% YoY, and accounted for 54% of online sales now that retailers and search engine from Google and Microsoft have improved shopping experiences to make purchases on mobile devices easier.
Jan Soerensen, general manager of North America at Nosto, an experience platform, says most of the company’s customers now report more than 70% of traffic coming from mobile.
Stores reached out to shoppers via email and SMS in larger numbers. More events are being used to trigger messages to lure shoppers back when they abandon a cart, search on a website, Sorensen wrote in an email.
Criteo also released data for Black Friday. The company said that during the first 10 hours of Black Friday 2023, online transactions rose 10%,compared to the year prior, demonstrating US consumers waited for deals. Between 9 a.m. and 10 a.m. EST, online transactions rose 25.9% YoY, compared with 2022. Engagement occurred earlier in the day than usual.
Some of the most interesting behavioral data came from Rob Garf, vice president and general manager of retail at Salesforce, who identified an experience trend: people are buying more experiences in entertainment, dining and travel.
“It often happens when people go through uncertain times,” Garf said. “Think about comfort foods. Comfort in buying gifts, but also self-gifting. That’s why we’re seeing growth in activewear, apparel and footwear. There’s a shift away from business attire.”
Garf added that until recently, he would have never showed up to a business meeting with a CEO wearing sneakers and Lululemon.
The focus on comfort is also reflected in the spike related to health and beauty products. Consumers also are seeking out vintage clothing. I have sold many shirts, shoes, purses and other lightly worn clothing through The Real Real with lots of success. They make it very easy to do.
Salesforce estimates that 17% of all gifts will come from the resale market, with retailers like The Real Real, Good Will Finds, Canada Goose Generations, Yeti, and Coach.
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