Cyber Monday projected to break holiday spending records
Black Friday already broke a record with spending notching $9.12B
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This year's Cyber Monday is expected to mark the biggest online shopping day of all time with total spending projected to reach between $11.2 billion and $11.6 billion, according to Adobe Digital Insights.
This projection beats Black Friday's total, which also set a new record this year, and surpasses the $10.7 billion consumers spent last Cyber Monday, according to the latest Adobe Analytics figures.
This year's strong consumer spending is not only being driven by higher prices but by net-new demand, according to Adobe.
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Prices have been nearly flat in recent months and were down 0.7% annually in October, according to The Adobe Digital Price Index, which tracks online prices across 18 product categories.
A woman makes an online purchase for Father's Day on June 16, 2020. (Photo by Carol Smiljan/NurPhoto via Getty Images) (Carol Smiljan/NurPhoto via Getty Images) / Getty Images)
Adobe's numbers are not adjusted for inflation, however, it noted that if online inflation was factored in, "there would still be growth in underlying consumer demand."
BLACK FRIDAY SEES LOW TURNOUT IN LINES AT RETAIL STORES
Meanwhile, on Black Friday, spending reached a record $9.12 billion, which beat Adobe predictions, and was up 2.3% year over year. Shoppers also spent $5.29 billion on Thanksgiving Day – that figure also exceeded Adobe predictions and was up 2.9% on an annual basis.
Consumers spent $4.59 billion and $4.96 billion on Saturday and Sunday, respectively. Both figures were up year over year.
Packages run over a treadmill at a Amazon logistics center. (Bodo Schackow/picture alliance via Getty Images / Getty Images)
"There is a ton of momentum coming into Cyber Monday, after a surprising Sunday where consumers latched onto early deals and spent nearly $5 billion online, shattering previous records," Adobe Digital Insights lead analyst Vivek Pandya said.
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From Nov. 1 though Nov. 27, consumers have already spent a total of $96.42 billion online. Since the beginning of November, shoppers have spent over $2 billion every day. Spending reached above $3 billion on 19 of those days.
According to Adobe, the biggest discounts on Cyber Monday will be on toys, computers and electronics.