Dec 1, 2020 - Economy & Business

Cyber Monday sets record for biggest online shopping day in U.S. history

Photo: Matt Cardy/Getty Images

Americans spent $10.8 billion on Cyber Monday this year, making it the largest online shopping day in U.S. history, according to Adobe Analytics data reported by CNBC.

Why it matters: The surge in online shopping comes as the pandemic has accelerated the decline of Black Friday shopping at traditional brick-and-mortar stores, which saw in-store traffic plunge by roughly 50% compared with last year, according to data from RetailNext and Sensormatic Solutions.

By the numbers: Total Cyber Monday spending this year was up 15.1% from the $9.39 billion that consumers spent last year, but fell short of the $12.7 billion in spending Adobe forecast earlier in the year.

What to watch: Adobe is now forecasting consumers will spend $184 billion across the entire holiday season, a 30% increase from last year.

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