Consumers filled their virtual carts in record numbers on Cyber Monday, making it the largest online shopping day in U.S. history.
Despite the coronavirus-related economic downturn, consumer spending hit a record-setting $10.8 billion by the end of Cyber Monday, according to Adobe Analytics, which tracks online shopping. This marks an increase of 15% over 2019's previous record of $9.4 billion.
However, analysts say the surge in traffic came during the final hours of the shopping holiday. From 7 p.m. to 11 p.m. PST, otherwise known as the “golden hours of retail," consumers collectively spent $2.7 billion, which accounted for 25% of the day’s revenue.
Nearly 40% of consumers relied on their mobile devices to make these purchases, according to analysts.
Based on Adobe's latest data, consumer spending has already surpassed the $100 billion mark, reaching a total of $106.5 billion.
The Nation Retail Federation (NRF) noted that alongside Cyber Monday, Black Friday, Small Business Saturday also saw "tremendous growth in online activity."
The number of online Black Friday shoppers passed the 100 million mark for the first time this year, up 8% over 2019, the NRF said. Meanwhile, the number of online Saturday shoppers grew 17% over 2019. From Thanksgiving through Cyber Monday, online shoppers increased by 44%, totaling nearly 96 million people.
“The growth in online activity this year was significant, particularly for Black Friday and Saturday shoppers,” Prosper Executive Vice President of Strategy Phil Rist said. “With the start to the holiday shopping season continuing to move up even earlier, consumers will further utilize these channels.”
Likewise, Adobe Digital Insights Director Taylor Schreiner also projected that online consumer spending won't be slowing down anytime soon as consumers.
"Throughout the remainder of the holiday season, we expect to see record sales continue and curbside pickup to gain even more momentum as shoppers avoid crowds and potential shipping delays,” Schreiner said.
Adobe projects online spending for Giving Tuesday to reach $4.1 billion, a 26.3% increase from 2019.
However, even with the record-breaking numbers, Adobe is now projecting that U.S. consumers will spend a total of $184 billion from Nov. 1 through Dec. 31, slightly down from its earlier estimation of $189 billion.