Consumers on Cyber Monday spent $12.4 billion online, up 9.6% compared to last year, per Adobe Analytics' data on e-commerce, YahooFinance.com reported. As people looked to cash in last-minute deals between 10 p.m. and 11 p.m. ET, $15.7 million was spent every minute. This comes after Black Friday brought in a record-breaking $9.8 billion, up 7.5% compared to a year ago, while the following weekend saw $10.3 billion spent. The total for Cyber Week — the five-day period between Thanksgiving and Cyber Monday — amounted to $38 billion, up 7.8% year over year. Retailers' plans to push harder on discounting may have worked, after consumers buckled down on spending amid rising interest rates, dwindling savings, the return of student loan payments, and credit card debt.
