In high-inflation economies around various parts of the globe, estimations for this year’s holiday spend were mixed. A lot of measures had to be taken to a make sure retailers had a good market this year.
Deep discounts helped initial shopping activity drive sales as they began to soar. Numbers from Adobe Analytics, out this Cyber Monday online sales at a record high of $11.3B. this is a 5.8% increase from last year’s 10.7B which was a drop from 2020’s $10.8B.
Cyber Monday is typically the best of the weekend in part because shoppers are returning to work. The week gets to a total of $35.3B in total with $5.29B from Thanksgiving and $9.12B from Friday. This value in comparison to last year accounts for 16.7% of all sales made in December and November.
With inflation at a forefront of the financial conversation, it is here also. Adobe Analytics reported that with inflation as high as it is, it is not the sole reason for the increase. There were more transactions overall. Spending was around $12.8 million per minute on Monday at the peak.
Marketing for this season was focused on deals available for goods. Retailers focused o selling customers on those deals. Discounts were steep this time. Electronics had discounts as high as 25% and the biggest around 32% were in toys. Purchases were focused on the Christmas festivities. This is reflected in the most popular categories games, gaming consoles, Apple watches, toys, and other gadgets.
It comes to the question if such trading behavior and strategies can be sustained or if will it settle down once things cool down, who knows? What is known for sure is that there are rigors lay off in the eCommerce industry as companies try to stay afloat.