(Reuters) -Deep discounts on everything from beauty products and toys to electronics have enticed U.S. shoppers to splurge on Christmas purchases and ring in a record $12.4 billion in Cyber Monday sales online, data from Adobe Analytics showed on Tuesday.
Online consumer spending jumped 9.6% on Monday from the $11.3 billion seen last year, outstripping Adobe’s initial expectations for a 6.1% rise to $12 billion.
The lead-up to the crucial shopping season was marked by subdued forecasts from retailers like Walmart and Macy’s as they braced for inflation-constrained budgets, but the blockbuster deals rolled out from Thanksgiving Day through Cyber Monday are helping spread the holiday cheer.
In what is typically the biggest online shopping day in the U.S., Cyber Monday this year saw discounts peaking at 31% in the electronics category and at 23% for apparel, according to Adobe.
Hot Wheels toys, PlayStation 5 and smart watches were among the items most sought after, but shoppers also clicked “buy” on categories like jewelry, personal care products and furniture.
Shoppers are also leaning on flexible features like Buy Now, Pay Later (BNPL) services, which help consumers avoid the extra fees and interest that come with credit card payments, to stretch their Christmas budgets.
A record $940 million worth of purchases were made through BNPL on Cyber Monday, surging 42.5% from last year, with BNPL usage hitting a record high.
(Reporting by Deborah Sophia and Juby Babu in Bengaluru; Editing by Pooja Desai and Devika Syamnath)
