U.S. shoppers spent $11.3 billion on Cyber Monday, a robust showing that suggests steep discounts attracted inflation-stung shoppers, Bloomberg News reported. Spending increased 5.8% from a year ago, making it the biggest online shopping day ever, according to Adobe Inc., which compiles the data. Adobe adjusted its online spending forecast for November and December slightly upward based on higher-than-expected spending through Cyber Monday. The promotional period from Thanksgiving through Monday — now known as the Cyber Five — was nothing like 2021, when supply-chain snarls prompted people to shop earlier and retailers to skimp on discounts. This year stores were saddled with a glut of unsold merchandise, forcing them to offer sharply reduced prices to lure bargain-hunters looking to offset higher food and fuel costs. “With oversupply and a softening consumer spending environment, retailers made the right call this season to drive demand through heavy discounting,” said Vivek Pandya, lead analyst at Adobe Digital Insights. “It spurred online spending to levels that were higher than expected, and reinforced e-commerce as a major channel to drive volume and capture consumer interest.” Hot items included Legos, drones and digital cameras. Discounts were steeper compared with a year earlier. For instance, electronics had mark-downs that peaked at 25%, according to Adobe, which tracks 1 trillion visits to retail websites and monitors sales of more than 100 million products.
