The holiday spending frenzy reached new heights over the weekend, and Cyber Monday is anticipated to break records as eager consumers continue their search for unbeatable discounts.
According to data from Adobe, U.S. shoppers splurged a staggering $10.3 billion online on Saturday and Sunday, representing a substantial 7.7% increase compared to the previous year. Furthermore, Black Friday witnessed an impressive 7.5% surge from 2022 levels, with consumers spending a total of $9.8 billion.
Looking ahead, Adobe predicts that shoppers will have gone all out, estimated to spend between $12 billion and $12.4 billion online come Cyber Monday. If this materializes, it will officially become the largest online shopping day in U.S. history. Notably, the trend of utilizing “buy now, pay later” options is also reaching an all-time high, contributing a remarkable $782 million to Monday’s sales—a formidable 19% surge from last year.
In terms of popular products, Barbie dolls, Lego sets, Nintendo’s Switch console, headphones, and smartwatches topped the charts, as reported by the company. Additionally, discounts have reached unprecedented levels in certain categories, with electronics peaking at a remarkable 30% off listed prices.
Following the remarkable weekend sales data, e-commerce stocks received a significant boost on Monday and appear poised for further gains on Tuesday. Notable performers include Wayfair stock, enjoying a 7.4% climb, Shopify with a solid 4.9% increase, and Etsy rising by 3%. All three stocks experienced growth during Tuesday’s premarket trading.
Moreover, shares in “buy now, pay later” provider Affirm skyrocketed by 12% on Monday and exhibited a promising 2.8% increase before the opening bell on Tuesday.