Biggest Cyber Monday Ever? Consumers Expected To Splurge $15M Every Minute: Here Are The Top-Selling Items

Last week, we heard about the surprising surge in Black Friday sales despite economic uncertainties. Now, Cyber Monday is shaping up to be the biggest one on record, according to data from Adobe Analytics.

What Happened: As of 6 PM ET on Monday, consumers had already spent a whopping $8.3 billion during Cyber Monday. The report estimates that during the peak hour, customers will be splurging approximately $15 million every minute. By the end of the day, it’s forecasted that people will have spent around $12 billion to $12.4 billion, making Cyber Monday the largest online shopping day ever.

See Also: Best Retail Stocks Right Now

Top Sellers: As of the latest update, the day’s top 10 sellers included popular items like Barbie dolls, LEGOs, Nintendo Co., Ltd.'s NTDOY Switch, Sony Group Corp's SONY PlayStation 5, and Microsoft Corp's MSFT Xbox Series X. 

Strong Forecasts: Following the Thanksgiving, Black Friday, and weekend spending spree, the report predicts that Cyber Week will amass between $37.2 billion and $38.1 billion in online purchases. This projection surpasses Adobe’s earlier estimates and accounts for about 17% of total holiday season spending from Nov. 1 to Dec. 31.

Factors Driving the Shopping Splurge:

• Buy Now, Pay Later (BNPL): Shoppers are embracing BNPL as a flexible way to manage their budgets, with the number of items per order jumping by 21% from Nov. 23 to Nov. 26 compared to the October average.
• Discounts and Shopping Tips: Even after Cyber Week, expect lingering deals, especially in appliances (up to 20% off), toys (17%), computers (16%), clothes (14%), and furniture (11%). Mark your calendars for Dec. 4 for peak discounts on sporting goods at 21% off.
• Mobile Dominance: Between Nov. 1 and Nov. 26, smartphones led the charge, driving a significant 50.1% of online sales this season, a notable increase from last year’s 46.5%. This translates to an online spending total of $48.5 billion, marking a 9.5% increase year-over-year.

Why It's Important: Black Friday saw a record $9.8 billion spent by consumers, marking a 7.5% surge from the previous year. The notable increase in online sales, an 8.5% year-on-year rise, underscores people's preference to skip crowded stores in favor of digital deals.

Check out more of Benzinga's Consumer Tech coverage by following this link.

Read Next: Discount Retailers Hold Black Friday Potential As Recession Looms

Photo via Shutterstock