U.S. consumers are expected to spend between $12-to-$12.4 billion on Cyber Monday, which would exceed forecasts and set a new record, according to Adobe Analytics.
- Online spend on Black Friday already came in above estimates at $9.8 billion in spending, up 7.5% year-over-year.
- Adobe says strong consumer spending is driven by net-new demand, not just higher prices. “Buy Now Pay Later” purchases are also expected to set new highs on Cyber Monday.
- Smartphones drove 54% of online sales over the weekend, up from 52% last year.
- Amazon did not furnish any updates, but a report from Wedbush on Monday noted that “we believe the company is positioned for a notably strong holiday season,” citing its fulfillment capacity and a recent shift to a regional fulfillment network.
- Data from Seattle startup Shipium shows that e-commerce shipping volume was up 36% on Black Friday versus the trailing 30-day average leading up to the annual shopping holiday. That boost was up 19% compared to 2022.
