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."
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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.
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"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.