Cyber Monday 2023 has seen record-breaking online sales, continuing the trend from Black Friday of strong consumer spending despite economic uncertainties. However, this year has also highlighted changing shopping habits and deal-seeking behaviors.
Online Sales Break Records
Early data indicates Cyber Monday will surpass $12 billion in online sales this year in the US alone according to Adobe Analytics. This represents nearly 6% growth over Cyber Monday last year:
| Year | Cyber Monday Online Sales | Year/Year Growth |
|-|-|-|
| 2022 | $11.3 billion | 4% |
| 2023 | $12 billion (est) | 6% (est) |
Top-selling categories show what’s driving this growth, including discounts on popular tech gadgets like laptops, TVs, smartphones, gaming consoles and accessories:
"Consumers have been searching for gaming consoles, laptops, drones, and virtual reality headsets," said Vivek Pandya from Adobe.
Amazon also reported record sales, stating Cyber Monday 2023 was the "biggest shopping day in the company’s history."
The "Cyber Weekend" Replaces Two Distinct Days
Rather than two distinct days of Black Friday and Cyber Monday deals, this year saw discounts and sales extended into a longer "Cyber Weekend." Many retailers began deals earlier in November leading up to Black Friday. Online deals then blended straight into Cyber Monday:
"There isn’t much of a distinction between Black Friday and Cyber Monday anymore,” said Slickdeals editor Julie Ramhold. “A lot of retailers consider it more of a Cyber Weekend.”
For example Walmart rolled out Walmart+ Weekend with early access deals for Walmart+ members on Nov 21. Other retailers like Best Buy and Amazon mixed online with in-store discounts over the long weekend.
"The holiday shopping season is no longer just about getting the deepest discounts, it’s about flexibility too,” stated Adobe analyst Taylor Schreiner.
Ongoing Economic Uncertainties
Despite strong consumer spending, people are still showing caution around bigger purchases. Surveys found most shoppers had a specific list or budget in mind to stick to this holiday season.
Rising costs of staples like food and gas also led some to cut back in other areas:
“Consumers have been strategic in their spending all year, buying what they need when the price is right,” said National Retail Federation CEO Matthew Shay.
Deal hunting habits have adapted as a result, with shoppers willing to trade brands for bargains.
“Shoppers have been waiting as long as possible this season to buy gifts, holding out for the best deals,” said Ramhold from Slickdeals.
This strategy of switching brands and channels to find deals is expected to continue as economic uncertainty lingers heading into 2023.
Steady Growth of Online Shopping Expected
Cyber Monday 2021 was the first to surpass $10 billion in spending, showing the acceleration of ecommerce in recent years. This steady shift towards online is expected to continue even as inflation cools off.
Adobe is predicting over $1 trillion will be spent online this holiday season in the US across November and December. If this happens, it would be the first time breaking the trillion dollar threshold for ecommerce.
While in-store shopping rebounded somewhat this holiday compared to the pandemic, longer term trends still point to shifts away from brick and mortar:
US Holiday Sales Split By Channel
| Year | Online % | Brick & Mortar % |
|-|-|-|
| 2021 | 21% | 79% |
| 2022 | 19% | 81% |
| 2023 (est) | 18% | 82% |
“We expect consumers will continue taking advantage of the convenience, selection, and value of shopping online even as we move into 2023," said Adobe’s Taylor Schreiner.
So while economic factors impacted spending habits this Cyber Weekend, online shopping growth keeps accelerating. This means more Cyber Monday records likely in years ahead.
To err is human, but AI does it too. Whilst factual data is used in the production of these articles, the content is written entirely by AI. Double check any facts you intend to rely on with another source.
