American shoppers didn’t hesitate to snap up bargains during this year’s Cyber Week and spent $38 billion online, according to data from Adobe Analytics.
During the five-day period from Thanksgiving to Cyber Monday known as Cyber Week, online spending rose 7.8% year-over-year against economists’ expectations of a 5.4% increase.
On Cyber Monday alone, online purchases rose 9.6% year-over-year to a record $12.4 billion.
Online Black Friday spending came in at $9.8 billion, up 7.5% year-over-year.
"The decline in online prices over the last year has created a favorable environment for consumers with strong discounts this season that are tempting to even the most price-conscious consumers," Adobe Digital Insights lead analyst Vivek Pandya said in a statement.
“[The record online spending] shows the impact that discounts can have on consumer demand, especially with quality products that drove a lot of impulse shopping.”
A record $940 million in purchases were made through Buy Now Pay Later (BNPL) services such as Afterpay and Klarna on Cyber Monday, up 42.5% year-over-year and outstripping Adobe’s estimates of an 18.8% jump.
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