Dive Brief:
- Following a mixed bag of Black Friday results, Cyber Monday brought in a record $11.3 billion in total spend, marking 5.8% growth year over year, according to data from Adobe Analytics. At the peak hour of 8 p.m. to 9 p.m. Pacific Standard Time, consumers were spending $12.8 million every minute, per Adobe.
- Toys, electronics and computers drove online spend, with the toys category seeing a 684% jump in sales compared to an average day in October. Discounts hit record highs across those categories, where electronics price cuts peaked at 25% off compared to 8% in 2021. Similar to trends from Thanksgiving this year, mobile shopping was strong with 43% of online sales coming from a smartphone on Monday.
- Buy now, pay later saw a surge in use starting during the holidays last week, which continued into Cyber Monday. During Cyber Week — which Adobe counts as Thanksgiving to Cyber Monday — BNPL orders increased by 85% compared to the week before and revenue from it increased 88%. From Black Friday to Cyber Monday, BNPL service provider Afterpay saw transactions rise by 120% compared to before the holiday.
