U.S. shoppers spent $11.3 billion on Cyber Monday, a robust showing that suggests steep discounts attracted inflation-stung shoppers.
Spending increased 5.8% from a year ago, making it the biggest online shopping day ever, according to Adobe Inc., which compiles the data. Adobe adjusted its online spending forecast for November and December slightly upward based on higher-than-expected spending through Cyber Monday.
The promotional period from Thanksgiving through Monday — now known as the Cyber Five — was nothing like 2021, when supply-chain snarls prompted people to shop earlier and retailers to skimp on discounts. This year stores were saddled with a glut of unsold merchandise, forcing them to offer sharply reduced prices to lure bargain-hunters looking to offset higher food and fuel costs.
