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Cyber Monday Sales Fall Short of Forecasts
Nov 30, 2021 10:44 AM
By Rapaport News
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RAPAPORT... US consumer spending missed expectations on Cyber Monday as supply issues disrupted purchasing patterns and limited retailers’ discounts, according to Adobe.
E-commerce sales for the day slipped 1.4% year on year to $10.7 billion, compared with the $10.8 billion spent last year, Adobe said Tuesday.
The figure is much lower than the data provider’s original prediction of up to $11.3 billion, but the day still ranked as the biggest of the year for online shopping. Sales received a boost from purchases of toys, gift cards, books, video games and children’s products.
Cyber Monday was the third major shopping day of the season on which sales lagged behind Adobe’s forecasts. Cyber Week spending — comprising Thanksgiving Day through Cyber Monday — totaled $33.9 billion, down 1.4% from a year ago, with Black Friday sales dipping 1.3% and Thanksgiving sales remaining flat year on year.
“With early deals in October, consumers were not waiting around for discounts on big shopping days like Cyber Monday and Black Friday,” said Taylor Schreiner, director of Adobe Digital Insights. “This was further fueled by growing awareness of supply-chain challenges and product availability. It spread out e-commerce spending across the months of October and November.”
Cyber Monday sales faltered as discount levels remained weak amid supply-chain constraints. Electronics saw a 12% markdown, compared with 27% last year, while sporting goods and appliances were reduced by 8%, versus 20% a year ago. Meanwhile, the number of out-of-stock messages continued to grow, up 8% compared to a week before and 169% versus January 2020.
Including Cyber Monday’s total, consumers have laid out $109.8 billion since November 1, up 12% from last year. Some 22 of those shopping days have exceeded $3 billion in online spending, versus nine days in 2020.
Sales will climb 10% year on year to $207 billion over the full November-to-December period, Adobe predicted, adding that the figure would set a new record.
Image: A woman shopping for jewelry online. (Shutterstock)
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Tags:
Adobe, Adobe Digital Insights, black friday, cyber monday, Cyber Monday Sales, Rapaport News, Taylor Schreiner
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