Even as inflation rages on and the U.S. economy flirts with a recession, Americans spent more money on Cyber Monday than on any other day of the year.
Shoppers pounced on online bargains.
American consumers spent over $11 billion on Monday.
It was the first ever year-over-year decrease in consumer spending on Cyber Monday as retailers offered relatively few discounts due to supply-chain challenges.
Thanksgiving and Black Friday both saw record online spending, with Adobe estimating a record $5.29 billion and $9.12 billion respectively.
The US shoppers spent more between Thanksgiving and Cyber Monday.
Even though inflation is at its highest level in four decades and the Fed is trying to slow the economy, retail spending is still strong. Consumer spending increased by 1.3% in the last month. According to the National Retail Federation, November and December account for 20% of all retail sales.
It was the right call for retailers to pursue heavy discounting because of oversupply and a softer consumer spending environment, according to an analyst.
$210.8 billion. Adobe predicts that Americans will spend more online in November and December than they did in the previous year.
Adobe reports that online sales are heading into a big holiday weekend.
Cyber Monday sales fell for the first time ever.
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