Cyber Monday 2024 hit an impressive milestone by the early evening, with shoppers already shelling out approximately US$8.7 billion by 6:30 pm. This year’s event is poised to surpass all previous records even before the peak shopping period begins.
Key Figures
Drawing from data provided by Adobe Analytics and reported by AP News, Cyber Monday is on track to smash previous benchmarks. Between 8 pm and 10 pm, consumers are anticipated to have spent an astounding US$15.7 million every minute, resulting in a total expenditure of US$13.2 billion. This marks a 6.1% increase compared to figures from 2023.
Spending Insights
Cyber Week spending is often viewed as an indicator of how consumers will behave throughout the holiday season. Supporting this notion, the National Retail Federation forecasts a 2.5% rise in retail store spending, with a notable 3.5% growth in online sales. These predictions underscore the evolving consumer preference for digital shopping platforms during the festive period.