Adobe Compiled Data Reveal Record Cyber Monday Sales
Zacks Investment Research | Nov 29, 2016 10:35PM ET
Cyber Monday proved to be the biggest online sales day in the U.S. history with record $3.45 billion sales, according to data compiled by Adobe Systems Incorporated’s (NASDAQ:ADBE) Adobe Digital insights. Sales increased 12.1% year over year.
The figures have cleanly surpassed earlier estimates provided by Adobe. Per estimates, shoppers were expected to spend $3.39 on online shopping on Cyber Monday, a 10.2% jump year over year.
The holiday shopping season so far has recorded total sales of $40 billion.
Principal analyst at Adobe Digital Insights, Tamara Gaffney sees this as consumers’ growing tendency to buy things online. She had expected prices to rise after Nov 28 as retailers try to extend the season to December through quick shipping deals and a click and collect in store option.
She also notes that Black Friday sales were only $110 million lower than Cyber Monday in terms of sales and expects the day to become the top online shopping day next year.
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