Cyber Monday 2024 broke all records, becoming the biggest online shopping day ever. According to Adobe Analytics, shoppers spent a total $13.4 billion, beating the earlier estimate of $13.2 billion. It also surpassed the previous record set just days before on Black Friday, when people spent $10.8 billion online.
By early evening on Cyber Monday, shoppers had already spent around $8.7 billion. Adobe predicted that spending would rise even more as people continued shopping after work.
Their estimate turned out to be correct, and even a little low. During the busiest hours of 8 pm to 10 pm Eastern Time, shoppers spent about $15.8 million every minute, slightly higher than Adobe's forecast of $15.7 million per minute.
Analysts say that even though many stores offered discounts during Thanksgiving and Black Friday, many shoppers still wait for Cyber Monday to grab the best online deals. Adobe's lead analyst, Vivek Pandya, said that customers continue to believe Cyber Monday offers the strongest and most reliable discounts of the season.
What people bought
Many kinds of products sold extremely well on Cyber Monday. Popular items included:
- Bluetooth headphones and speakers
- Computers and laptops
- Electric bikes and scooters
- Gaming consoles, video games, and board games
- Skin care items
- Dolls, stuffed animals and toys
- Smart watches and jewellery
- Clothing and gift cards
- TVs and patio heaters
But toys were the clear top seller. Adobe said toy sales were 680 per cent higher than on a regular day in October, showing that parents and gift givers rushed to buy holiday presents.
Rise of mobile shopping
Another important trend this year was the growing use of mobile devices. Although many people still shop from their computers at work, more shoppers are using their phones to make purchases. On Cyber Monday, 54.8 per cent of all online sales came from mobile devices, totalling $4.76 billion. This is a nearly 10 per cent jump from 2023.
Growth of 'buy now, pay later'
Adobe also reported a sharp increase in 'buy now pay later' (BNPL) services. These allow shoppers to pay for items in smaller instalments. On Cyber Monday alone, BNPL orders reached about $1 billion. Electronics, clothing, video games, and groceries were the most common items bought using these payment plans.
Social media and AI influence shopping
Two major influences on shopping this year were social media creators and chatbots. Adobe said influencer content is seven times more effective at convincing people to buy items than regular social media posts. More shoppers are also using AI-based chatbots for product recommendations and to help find deals.
Cyber week and holiday outlook
Across the five-day Cyber Week period, from Thanksgiving to Cyber Monday, online spending reached $41.1 billion, beating expectations. Adobe now predicts that the full holiday season could bring in around $240.8 billion in online sales. Even though the top Cyber Monday deals are over, shoppers can still expect strong discounts on toys, electronics, clothing, and computers through December.
