U.S. consumers collectively spent $10.7 billion filling their virtual shopping carts on Cyber Monday, down 1.4% compared to a year ago, according to Adobe Analytics.
Still, the total spend on Cyber Monday aligned with Adobe’s earlier projection that consumers would spend between $10.2 billion and $11.3 billion.
And despite being $100 million shy of the $10.8 billion shoppers spent in 2020, “it still remains the biggest online shopping day of the year,” according to the Adobe Digital Economy Index, which tracks direct consumer transactions online.
During the peak shopping hour – 11 p.m. to midnight ET – holiday shoppers spent $12 million every minute, according to Adobe.
This year, shoppers saw weaker discounts compared to 2020. For example, discount levels for electronics were at -12% vs. -27% last year.
Also, the number of out-of-stock messages remained high, up 8% compared to the prior week. In the month of November (through Nov. 29) the frequency of out-of-stock messages was 169% higher than pre-pandemic levels (January 2020), according to Adobe.
Meanwhile, Cyber Week, which spans Thanksgiving Day through Cyber Monday, drove $33.9 billion in online spending, which is also down 1.4% compared to a year ago.
Online shopping on Black Friday, which totaled $8.9 billion, was down 1.3% compared to a year ago and Thanksgiving Day shopping remained flat at $5.1 billion.
Taylor Schreiner, Adobe’s digital insights director, says the dip on what are typically big shopping days is due in part because “consumers were not waiting around for discounts,” especially with deals dropping as early as October.
“This was further fueled by growing awareness of supply chain challenges and product availability,” Schreiner added. “It spread out e-commerce spending across the months of October and November, putting us on track for a season that still will break online shopping records.”
From Nov. 1 to Nov. 29, consumers spent $109.8 billion online, an increase of 11.9% compared to a year ago, according to Adobe.
Twenty-two days have already exceeded $3 billion in online spending alone, which is a new record. By this time last year, only nine days surpassed the $3 billion mark.
“The season has smoothed out considerably, with e-commerce becoming a more ubiquitous daily activity,” according to Adobe.
Adobe projects spending over the course of the entire season, from Nov. 1 to Dec. 31, to hit a record $207 billion in online spending, which is a 10% growth compared to a year ago.