Cyber Monday: Adobe says 'ton of momentum' to lead to record online sales
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Consumers looking for deals to fill their Christmas and holiday shopping lists are on track for setting a record for Cyber Monday sales that is being driven by new demand as much as higher prices.
That's according to data from Adobe (NASDAQ:ADBE), which on Monday released its Adobe Analytics data that said consumers are expected to spend between $11.2B and $11.6B on Cyber Monday--which would result in the biggest online shopping day of the year, and of all time. Adobe (ADBE) said the expected Cyber Monday sales follow those of the $9.12B spent online on Black Friday, and Thanksgiving's online sales of $5.29B.
By comparison, Adobe (ADBE) said Cyber Monday sales totaled $10.7B last year.
Vivek Pandya, lead analyst for Adobe Digital Insights, said that based on consumer activity over the weekend, and heavy discounts from retailers, "There is a ton of [spending] momentum heading into Cyber Monday."
Adobe (ADBE) said some of the highlights from its Cyber Monday data showed a huge rise over the weekend in online sales of toys, which had a daily sales average of 383% more than in October. Other notable areas of growth came from jewelry, up 230%, sporting goods, which rose 239% and apparel, up by 217% from October's daily average.
Consumers have also shown more willingness to use buy-now, pay-later options, which during the week of November 21 to November 27 rose 68% from a year ago and mobile shopping from their phones, as Adobe (ADBE) said made up 52% of online orders during the weekend.
Adobe (ADBE) said that consumers looking for Cyber Monday discounts would be best-served to consider products such as computers, which are expected to peak at 27% off of listed prices; toys, down 33%; and TVs, set to have a peak decline of 15% during the day.
For its part, Adobe (ADBE) shares dipped into the red Monday, and the company's stock price has given up more than 40% this year.