Cyber Monday Sales Hit Record $12.4 Billion Even as Savings Dwindle
- Buy-now-pay-later helped drive robust seasonal spending
- ‘Holiday shopping season began with a lot of uncertainty’
Contract workers deliver packages on Cyber Monday in New York on Nov. 27.
Photographer: Stephanie Keith/BloombergThis article is for subscribers only.
US shoppers spent $12.4 billion on Cyber Monday, a record result demonstrating the continued resilience of consumers despite dwindling pandemic-era savings and high interest rates.
Spending increased 9.6% from a year ago, making it the biggest online shopping day ever, according to Adobe Inc., which compiles the data. Adobe had earlier adjusted upward its online spending forecast for the day based on stronger-than-expected spending on Black Friday and the popularity of buy-now-pay-later offerings that let shoppers stretch their budgets with credit.