Cyber Monday Sales Drop 1.4% Year-Over-Year

Retailers are reporting that Cyber Monday was a bust this year. Consumers spent $10.7 billion on the day -- a 1.4% decrease from last year and roughly $100 million less year-over-year.

The numbers raise questions about the economic recovery.  

"Cyber Monday is the biggest online shopping day of the year, with consumers spending $12 million every minute during the peak hour of 11 p.m. and 12 a.m. ET," according to Media Post.

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According to Adobe, Cyber Week -- from Thanksgiving Day through Cyber Monday -- totaled $33.9 billion in online spending, also down 1.4% year-over-year.  Consumers have spent $109.billion online during this season, an 11.9% leap over 2020, reported Media Post.

There is no specific data released from Rhode Island retailers regarding Black Friday, Small Business Saturday or Cyber Monday.

 

Black Friday Was Up, But Showed Significant Challenges for Retailers

The New York Times reports, "The Black Friday weekend was a success for retailers, but reflected challenges in the supply chain and the prevalence of early deals in October, which prompted customers to spread out their spending. Shoppers were clearly more comfortable going into stores than they were last year, but in-store visits were still well off pre-pandemic levels. Foot traffic soared about 48 percent from last year, though remained down about 28 percent from 2019, according to data from Sensormatic Solutions. The peak time for in-store shopping was 1 p.m. to 3 p.m. on Friday, the firm said. Many retailers remained closed on Thanksgiving Day after closing for the day in 2020, reversing a yearslong trend of being open on the holiday."

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