Literacy rates may be falling along with political engagement and household income, but consumer debt continues to balloon in lockstep with inflation.
These Cyber Monday statistics are incredibly mind-blowing within the context of American debt.
1. Experts Forecast $13.7 Billion in 2023 Cyber Monday Spending
This seems like a ton of money, and it is. However, we must also consider the massive inflation that has affected consumer goods since 2022. Is it possible that, in terms of total transactions, 2023's Cyber Monday totals are less than 2022?
We will leave that for the experts to decide.
2. Cyber Monday Now Rivals Black Friday in Total Sales
In 2022, Cyber Monday generated 23.9% more sales than Black Friday. Considering the wholesale shift towards online shopping in the past decade-plus, we can't be shocked by this preference for online deal-hunting.
3. Unified in Shopping
An estimated 77 million shoppers made an online purchase on Cyber Monday 2022, far more than the estimated 22.6 million who made in-store purchases.
4. Most Consumers Won't Spend Beyond $600
This figure is meant to highlight the “restraint” the typical American shows on Cyber Monday. But with the average American carrying nearly $22,000 in personal debt (excluding mortgages), $600 for extraneous tech seems excessive.
5. Americans Keep Spending More and More on Cyber Monday
2022 saw the highest Cyber Monday spending to date, with $11.3 billion in total sales. That figure was more than 5% greater than 2021, a record year.
6. Big Box Wins on Cyber Monday
Target and Walmart are the two leading retailers on Cyber Monday, meaning that shoppers tend to do their deal shopping where they do their everyday shopping. Time will prove if Target takes a Cyber Monday hit after a year of controversy.
7. When It Comes to Fun, Cyber Monday Shoppers Stick With the Classics
The top purchases during Cyber Monday 2022 were a foursome of classics: PlayStation 5, Madden '23, Legos, and Hot Wheels. As the world becomes increasingly difficult to recognize, the ceaseless popularity of a toy car on a plastic track is as comforting as apple pie.
8. Millions Gone in a Minute
The phrase “New York Minute” might be more aptly named “Cyber Monday Minute” when you realize how quickly money flies on Cyber Monday. Between 5 p.m. and 6 p.m. Eastern, merchandisers sell about $12.8 million per minute.
9. Cyber Monday Is the Time for a New Oven or Fridge
While Cyber Monday has massive markdowns, the most significant deals belong to items with heavy-duty power cords. Appliances saw average markdowns of 42% on Cyber Monday 2022, making ovens, toasters, and dryers even hotter items than usual.
10. 2014 Set the Bar for Cyber Monday Dominance
Cyber Monday 2014 was the most lucrative online shopping day of the year, setting the standard for Cyber Mondays. With more than $2 billion in online sales alone on that day, it became clear that there is such thing as an offer Americans can't refuse.
Instead of the Godfather offering a deal, Best Buy's online store extends the quid-pro-heavily-discounted iPad.
11. Cyber Monday Is an Intentional Marketing Term
Did you know that the National Retail Federation (NRF) debuted the term Cyber Monday in 2005?
While the name allegedly stems from an uptick in online sales on the Monday after Thanksgiving, we must be skeptical. Planting the “Cyber Monday” seed has added pressure on Americans to spend Cyber Monday buying, buying, and buying more. We see your genius, NRF, and we're not mad at you.
12. Almost Half of Consumers Will Shop Only Online
The commitment to couch life is growing stronger with each passing year. While consumers of years past embraced a hybrid model of in-store and e-shopping, a reported 48% of consumers plan to shop exclusively online in 2023.
13. Phones Are the Preferred Mode of Bargain Hunting
A reported 52% of Cyber Monday-ers will shop primarily with their cell phones in 2023. This seems like an egregious mistake if you ask me. Regarding the last clearance-level television in stock, do you want to check out an iPhone or a MacBook?
14. I Only Brake for 25% Off
A reported one in four shoppers will only be motivated to buy if a product is discounted by at least 26%. They're not spending a dollar if they're not saving a quarter.
15. Smartphones Make Dumb Money on Cyber Monday
In 2019, smartphones accounted for about $3 billion in Cyber Monday sales. That is a hefty portion of all sales, indicating that (even though they bought the latest iPhone a year ago) Americans need their latest-model phones.
16. Cyber Monday's Growth Has Been Exponential
In 2005, the first year of Cyber Monday, Americans spent $484 million. Compare that to the $11.3 billion spent in 2022. Is inflation that bad? Has e-commerce accelerated consumer spending? Or is something else to blame for these shopaholic tendencies?
17. Everyone Is Joining in the Fun
Virtually every retailer is plugged into Cyber Monday, with an estimated 90% of sellers offering some form of promotion. Why wouldn't you capitalize on the feeding frenzy that is Cyber Monday? We're asking you, 10% of retailers who don't participate.
18. Cyber Monday Was Unthinkable Only 30 Years Ago
eBay was launched in 1995, while Walmart's online presence only went live in 2000. It goes to show you how rapidly technology has advanced. Just 30 years ago, the lack of online retailers would have made Cyber Monday unthinkable.
Time flies when you're creating uber-powerful computer chips and internet cables.
19. Retailers Are Gamifying Their Customers' Wallets
You may notice that retailers offer a deal deadline, and many even feature clocks on their websites counting down to the final seconds of Cyber Monday. These features are meant to add urgency and competition to the shopping experience. Ultimately, the goal is to separate shoppers from as much of their money as possible.
20. Thanksgiving to Cyber Monday Is a Boon for Retailers
Nearly 200 million Americans do some form of retail shopping in the five-day window between Thanksgiving Day and Cyber Monday. That's a massive chunk of the nation spending money in a finite period, indicating just how addicted to deals we are.
21. Most Shoppers Are Watching Their Spending
An estimated 78% of shoppers plan to spend the same amount or less than they spent last year on holiday shopping. This is perhaps a sign of the inflationary times. The cost of living is up, and stimulus checks are hard to come by.
22. 62% Of Consumers Aren't Buying Cyber Monday (Literally)
A reported 62% of would-be shoppers view Cyber Monday as a scam intended to extract more money from their bank accounts. Congratulations, you're in the rare 62% of people who probably also know that the sky is blue and water is wet.
23. 80% of Consumers Plan To Shop On Cyber Monday
Despite 62% of shoppers stating that Cyber Monday is a money-hunting scam by retailers, the same source says that 80% of retailers plan to shop anyway. Who needs logical consistency when it's Cyber Monday? Break out the credit card and rack it up, baby!
24. 36% Of Shoppers Will Use Social Media To Find Deals
It's pretty astounding that 36% of society now views Instagram and Facebook as reliable sources of actionable information. No longer are social media channels merely ways to get catfished or waste 15 minutes while on the toilet.