Cyber Monday: Shoppers expected to spend record $13.2 billion online, report says

As per Adobe Analytics, online spending is expected to peak between 8 pm and 10 pm (local time) on Monday, reaching an estimated $15.7 million spent per minute.

Cyber Monday, held on the Monday after the worldwide Black Friday sale tradition, is expected to clock sales worth at least $13.2 billion, 6.1% more than the previous year, according to online shopping tracker Adobe Analytics.

FILE - Cyber Monday –- a term coined back in 2005 by the National Retail Federation –- continues to be the biggest online shopping day of the year, thanks to the deals and the hype the industry has created to fuel it. (AP Photo/Paul Sakuma, File)

This would make Black Monday the biggest shopping day of the year for e-commerce, it said.

According to Adobe, online spending is expected to peak between 8pm and 10pm (local time) on Monday, reaching an estimated $15.7 million spent per minute.

“As of 6:30 pm ET (Tuesday 5 am in India), shoppers had spent $8.7 billion on the online shopping holiday. When the final tally is in, we expect consumers will have spent between $13.2 billion and $13.5 billion for the day, making Cyber Monday the biggest online shopping day of the year,” Adobe said.

It added, “On Black Friday, US shoppers spent $10.8 billion, a 10.2% increase over last year. That's also more than double spent by consumers in 2017 when roughly $5.7 billion were made in online sales. Consumers also spent a record $6.1 billion online on Thanksgiving Day. And on Saturday and Sunday, shoppers spent another $10.9 billion online, up 5.8% over last year.”

Meanwhile, software giant Salesforce, which also tracks online sales, estimated online sales worth $17.5 billion in the US and $74.4 billion globally on Black Friday. Mastercard SpendingPulse, a tracker of in-person and online spending, reported a 3.4% increase in Black Friday sales from the previous year.

E-commerce platform Shopify noted its merchants raked in an unprecedented $5 billion worldwide sales on Black Friday.

Toys, electronics, home goods, self-care, and beauty categories drove holiday spending on Thanksgiving and Black Friday, as per Adobe.

(With AP inputs)