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Sales, not adjusted for inflation, rose 5.8% from a year ago, per data from Adobe Analytics, which measures e-commerce performance by analyzing purchases at 85% of the top 100 internet retailers in the United States.
While retailers started promotions and discount offers as early as October to induce more sales, turns out inflation-weary shoppers had largely put off their holiday shopping until the Black Friday weekend and Cyber Monday in hopes of finding the best deals.
Major retailers including Target (NYSE:TGT), Macy’s (NYSE:M) and Best Buy have signaled a return to pre-pandemic shopping patterns during traditional single-day shopping events.
Toys were the hottest products on Cyber Monday, their online sales jumped nearly eight-fold compared to an average day in October 2022, according to the Adobe Analytics report.
Electronics sales rose about five-fold, while sporting goods, appliances and books also saw increases over 400%.
Pokemon cards, Hot Wheels, PlayStation 5s, Smart TVs and Apple (NASDAQ:AAPL) AirPods were among the best-selling products.
About 196.7 million shoppers made purchases during the five-day holiday period from Thanksgiving Day through Cyber Monday, the National Retail Federation said on Tuesday.
Graphic: Cyber Monday sales over the years https://graphics.reuters.com/HOLIDAYSHOPPING-RETAIL/dwpkdrqxdvm/chart.png
Canada’s Shopify (NYSE:SHOP) Inc said its merchants recorded $7.5 billion in sales globally from Black Friday through Cyber Monday.
Still, some experts were not convinced that a bright Cyber Monday was a sign of inflation easing its burden on consumer sentiment.
“Online shopping still makes up only about 15% of all retail sales. So it is not necessarily a great indicator of the health of the economy overall,” said Dan North, senior economist at global trade credit insurer Allianz (ETR:ALVG) Trade North America.
