This year’s Cyber Monday is expected to be the largest online shopping day of all time, with total spending expected to be between $11.2 billion and $11.6 billion, according to Adobe Digital Insights.
This forecast surpasses Black Friday’s total, which also set a new record this year, surpassing the $10.7 billion consumers spent last Cyber Monday, according to the latest numbers from Adobe Analytics.
This year’s strong consumer spending is driven not only by higher prices, but also by net new demand, according to Adobe.
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Prices have remained pretty much flat in recent months, falling 0.7% a year in October, according to The Adobe Digital Price Index, which tracks online prices across 18 product categories.
Adobe’s numbers are not adjusted for inflation, but it noted that if online inflation were included, “there would still be growth in underlying consumer demand.”
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Meanwhile, Black Friday spending hit a record $9.12 billion, beating Adobe’s forecasts, and was up 2.3% year-over-year. Shoppers also spent $5.29 billion on Thanksgiving Day — that figure also beat Adobe’s forecasts and was up 2.9% year-over-year.
Consumers spent $4.59 billion and $4.96 billion on Saturday and Sunday, respectively. Both numbers increased year over year.
“Cyber Monday is picking up steam after a surprise Sunday when consumers snagged early deals and spent nearly $5 billion online, shattering previous records,” said Adobe Digital Insights principal analyst Vivek Pandya.
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From November 1 through November 27, consumers have already spent a total of $96.42 billion online. Shoppers have spent more than $2 billion every day since early November. On 19 of those days, spending topped $3 billion.
According to Adobe, the biggest discounts on Cyber Monday will be on toys, computers and electronics.