Cyber Monday Shopping: Consumers Projected To Spend Up To $11.3B

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Consumers are projected to spend between $10.2 billion and $11.3 billion on Cyber Monday, making it the biggest online shopping day of 2021, according to new data from Adobe.

By comparison, U.S. consumers doled out $10.8 billion during Cyber Monday last year. 

This year's prediction comes just after Adobe saw decreased online spending on Thanksgiving Day and Black Friday for the first time since 2012, when the firm first began reporting on e-commerce.  

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Black Friday sales totaled $8.9 billion, down from $9 billion in 2020, while Thanksgiving Day shopping amounted to $5.1 billion in spending, which was equal to last year's total. 

Online shopping was also down on both Saturday and Sunday. Consumers spent a total of  $4.5 billion on Nov. 27, down 4.3% year over year, while consumers spent $4.7 billion on Nov. 28, down 0.5% compared to 2020. 

BLACK FRIDAY STORE TRAFFIC IMPROVES FROM 2020, STILL DOWN 28% FROM PRE-PANDEMIC LEVELS

Adobe says figures on these big shopping days are down in part because consumers began filling their virtual shopping carts earlier this season. 

A woman makes an online purchase for Father's Day exploded in virtual store in Buenos Aires, Argentina, on June 16, 2020.  (Carol Smiljan/NurPhoto via Getty Images / Getty Images)

Between Nov. 1 to Nov. 28, consumers spent $99.1 billion, which is up 13.6% compared to a year ago. 

"Online sales on big shopping days like Thanksgiving and Black Friday are decreasing for the first time in history, and it is beginning to smooth out the shape of the overall season," Taylor Schreiner, Adobe's digital insights director, said. 

So far, 21 days in November have already exceeded $3 billion in online spending. By this time last year, only eight days surpassed the $3 billion mark. 

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"It shows not only the effectiveness of early deals in Oct. 2021, but also how much consumers have taken supply chain issues seriously," Adobe said.  

Adobe projects spending over the course of the entire season, from Nov. 1 to Dec. 31, to hit $207 billion in online spending, which is a 10% growth compared to a year ago. 

Source : https://www.foxbusiness.com/lifestyle/adobe-cyber-monday-online-spending-thanksgiving

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