When Americans first started celebrating Thanksgiving in the 19th century, it served as an opportunity for people to cherish the year’s blessings, especially the harvest. While the modern iteration of the holiday certainly serves as an important family get-together, it has also grown into a massive shopping extravaganza. This year’s splurge has once again broken all sorts of e-commerce records with shoppers opting to spend their money online and avoid physical stores due to the Covid-19 pandemic. An analysis by Adobe
That marks a 15.1% increase on last year’s $9.4 billion, making Cyber Monday 2020 the largest online shopping day in U.S. history. Adobe noted that FOMO – “fear of missing out” – hit consumers hard with the golden hour of retail between 7pm and 11pm Pacific time accounting for some $2.7 billion in consumer revenue, a quarter of the day’s total revenue. The peak hour was between 8pm and 9pm when the purchasing rate reached $12 million a minute. The strongest discounts seen on Cyber Monday were for computers (28%), sporting goods (20%), toys (19%), appliances (20%), and electronics (27%).
Black Friday was also highly lucrative for retailers once again this year with online consumer spending up 21.6% on 2019, reaching $9 billion. That worked out at approximately $6.3 million per minute and $27.50 on average per person. Thanksgiving Day also experienced an e-commerce record with spending climbing to just over $5 billion. During the five-day shopping period, smartphones accounted for 41.1% of revenue while social media drove one out of every 10 visits to retail websites. According to Adobe, total season-to-date online spending (November through Cyber Monday) stands at $106.5 billion.
*Click below to enlarge (charted by Statista)