US Cyber Monday Online Sales Reach Record High... Up 5.8% Year-on-Year

[Photo by Reuters-Yonhap News]

[Asia Economy Reporter Park Byung-hee] Thanks to large-scale discounts by retailers, this year's Cyber Monday sales in the United States reached an all-time high, Bloomberg reported on the 29th (local time).

Adobe's marketing data analytics solution, 'Adobe Analytics,' reported that consumers in the U.S. spent a total of $11.3 billion (approximately 15.04 trillion KRW) on online shopping the day before Cyber Monday. Cyber Monday sales increased by 5.8% compared to the previous year.

Despite severe inflation this year, it is analyzed that retailers attracted shoppers through large-scale discount events. Last year, due to disruptions in the global supply chain and logistics caused by the COVID-19 pandemic, Cyber Monday recorded a sales decline compared to the previous year for the first time. However, this year, companies suffering from excess inventory offered significant discounts, which is believed to have swayed consumers.

Earlier, Adobe announced on the 25th that Black Friday sales also reached an all-time high of $9.12 billion, a 2.3% increase from the previous year.

Black Friday refers to the day after Thanksgiving, which is the fourth Thursday of November, and Cyber Monday refers to the first Monday after Thanksgiving. The period from the Thanksgiving holiday through Christmas is the busiest shopping season in the U.S., with the highest annual consumer spending.

This year, even when considering the entire five-day shopping period known as the 'Cyber 5,' which includes Thanksgiving, Black Friday, and Cyber Monday, online sales are expected to have increased compared to the same period last year. Adobe estimated that total online shopping during this period would reach $35.17 billion.

Adobe also forecasted that sales for November and December, including the Cyber 5, would total $210.1 billion, a 2.8% increase from the previous year.

There is also analysis that as COVID-19 concerns decreased this year, U.S. consumers increased their visits to physical stores. Mastercard reported that combined online and offline Black Friday sales increased by 12% compared to the previous year.

According to the National Retail Federation (NRF), a record-breaking total of 196.7 million people shopped either in-person or online during this year's 'Cyber 5' week in the U.S. This is a 9% increase compared to the same period last year.