Cyber Monday Sales Hit a Record $9.2 Billion

According to Adobe Analytics, which tracks web transactions of 80 of the top 100 internet retailers in the U.S., Cyber Monday hit a record in sales this year.

The Monday after the Thanksgiving holiday, better known as Cyber Monday, raked in a record $9.2 billion says Adobe.
This is up 16.9% from a year ago, with people spending an estimated $11 million every minute from 11 pm E.T. to midnight, according to the firm. Last year spending hit $7.9 billion.

Monday was also expected to become the first day in history where consumers spend over $3 billion, in a 24-hour window, using their smartphones.

In the morning Adobe had called for sales to hit a record of $9.4 billion but by the afternoon they were slightly below that figure.

According to Adobe, the top sellers online on Monday included “Frozen 2” Toys, LOL Surprise Dolls, NERF products, the Nintendo Switch, Samsung TVs, Airpods and air fryers.

Shopping online on Black Friday also hit a record of $5.4 billion, up 22.3% from a year ago, Adobe said. Spending online on Thanksgiving Day surpassed $4 billion for the first time ever.

“Black Friday has lost at least some relevance as a barometer of the health of consumer spending,” Oppenheimer & Co. analyst Brian Nagel remarked. “Our simple analysis of data suggest clearly that overall trends in consumer spending remain healthy and that those chains with the best, most compelling online offerings are best positioned to capitalize upon this solid underlying dynamic.”

For the holiday season so far, or from Nov. 1 through Dec. 1, $72.1 billion has been spent online, Adobe also added.