Online shopping was a huge success during Cyber Week
Online spending ramps up during the pandemicBy Shawn Knight
The big picture: Online shopping was already trending north before Covid-19 but the pandemic certainly expedited growth this year, despite the ongoing uncertainty that millions continue to face as it relates to income and maintaining a job during these unprecedented times.
According to data from Adobe Analytics, a record $10.8 billion was spent online in the US on Cyber Monday. That's an increase of 15.1 percent year over year, making December 1, 2020, the largest online shopping day in US history.
In 2019, US consumers spent $9.4 billion during Cyber Monday.
The "golden hours of retail" from 7 - 11 pm Pacific was single-handedly responsible for $2.7 billion in sales and during the peak hour between 8 - 9 pm Pacific, consumers were buying at a rate of $12 million per minute.
During this year's Cyber Week, which runs from Thanksgiving Day through Cyber Monday, US shoppers spent a staggering $34.4 billion, representing a 20.7 percent increase compared to the same period a year ago. Unsurprisingly, more than 40 percent of spending took place on a smartphone during the five-day period.
Season-to-date spending (from November through Cyber Monday) now totals $106.5 billion, a 27.7 percent YoY increase. Adobe Analytics also show that US consumers crossed the $100 billion threshold nine days faster this year compared to 2019.
Image credit: Ailuj Art, Waraporn Wattanakul