Cyber Monday is the online sales equivalent of Black Friday with numerous companies offering early deals or random special prices throughout the day. You are bound to find at least a handful of sale items at any major retailer’s online store.
Last 5 Year Spend by Country
|2016||$3.7 billion||£1.1 billion|
|2017||$4.7 billion||£1.1 billion|
|2018||$6 billion||£3 billion|
|2019||$9.4 billion||£1.4 billion|
|2020||$10.8 billion||£1.2 billion|
Is Cyber Monday One of the Biggest Shopping Days?
Black Friday and Cyber Monday purchases have been almost identical for the past few years despite the early openings on Thanksgiving.
While the two shopping daysWhile the two shopping days are the biggest and most lucrative days for retail throughout the year, Cyber Monday is poised to take the lead with an increase in sales every year as more and more buyers enjoy shopping from the comfort of their home or office.
Still, the pandemic changed the purchasing power of many, and the sales numbers were somewhat different last year. In 2020, sales in brick-and-mortar stores in the U.S. were down 23.9% during the Black Friday/Cyber Monday shopping holiday.
Even though Cyber Monday sales hit a record of $10.8 billion in the U.S. in 2020, the same sales in the U.K. fell nearly 10% compared to the year prior, so Cyber Monday has solidified itself at the top of the biggest shopping days in the U.S., but not in the U.K.
However, UK customers are the most aware of Cyber Monday in all of Europe.
What Are Buyers Purchasing the Most on Cyber Monday?
While many Cyber Monday buyers purchase items similar to what they would shop for on Black Friday some of the highest categories of purchases are electronics like 4k monitors and home theater projectors, video games, clothing, and accessories like wireless keyboards, home appliances, and blogging cameras and photography equipment.
The top three categories to shop during Cyber Monday in the U.S. in 2020 were:
- Video game consoles
- Air fryers
- Boots, according to CNBC’s article.
In the UK, the top three category share winners of Cyber Week 2020 were:
- Sporting goods
- Automotive, according to BigCommerce.
Who Is Most Likely to Purchase on Cyber Monday?
Demographics of those who shop on Cyber Monday are similar to the demographics of those who perform their shopping on Black Friday.
Millennials were the biggest spenders in 2020 in the US, while the Silent Generation spent the least on Cyber Monday.
In the UK, the biggest spenders were the Millennials, while Generation Z spent the least.
What about gender and the number of shoppers?
- Men spend around $700, while women spend around $600 for both Black Friday and Cyber Monday, according to Finder.com.
- An estimated 186 million shoppers purchased goods during Cyber Week 2020, 190 million fewer than that of Cyber Week 2019, according to Finances Online.
- The average cost spent by each shopper on Cyber Monday is $312, according to the same source.
- In the UK, 38% of women said they will spend on Black Friday and Cyber Monday compared to 39% of men, according to Finder.com.
What Devices Did the Buyers Use to Shop?
For Cyber Monday last year in the U.S, people used mostly computers and mobile devices. It was a similar situation in the UK.
- In the U.S., Android users spend more than 110 million hours on shopping apps in the weeks leading up to and during Cyber Week, according to App Annie.
- Around 37% of total purchases came from smartphones, according to NBC News.
- In the UK, desktop held a majority share of orders at 49%, while smartphones accounted for 43% buys, according to BigCommerce.
- There was a decrease in tablet orders (-18.8%) and sales (-10.25%), according to the same source.
Where Did the Buyers Shop At?
The biggest retailers were the winners in last year’s Cyber Monday race, both in the U.S. and in the UK. Those with more than $1 billion in annual revenue increased online Cyber Monday sales by 486% versus the October daily average.
In the U.S.,
- Walmart Inc.’s online revenue surged 150% year over year,
- Etsy had an 84% eCommerce growth,
- Target cached in at a growth of 71%,
- Best Buy has a 34% eCommerce growth, while
- Amazon.com Inc has seen a 29% growth, according to Digitalcommerce360.
In the UK, the numbers were a little different:
- Amazon remains a leading Cyber Week shopping destination for consumers in 2020.
- Facebook saw a 123% increase in GMV and 98% increase in orders YoY, according to BigCommerce.
Facts That You Might Not Know About Cyber Monday
With the Cyber Monday shopping holiday taking over as the biggest spending holiday of the season you may be interested in finding out some little-known facts about the day.
- The term Cyber Monday was first used by Ellen Davis during the 2005 holiday season, according to Reader’s Digest.
- Cyber Monday is celebrated around the world in the last few years, most notably in Germany, the UK, France, the Netherlands, Belgium, Japan, Argentina, Canada, India, Chile, Portugal, Romania, Columbia, Sweden, Australia, and New Zealand, according to The Fact Site.
- 25% of Cyber Monday shoppers buy electronics, according to abt.com.
- Google Trends data shows interest in Black Friday picks up from September each year, according to Skimlinks.
- The days from Thanksgiving through Cyber Monday capture 20% of all holiday online shopping, according to CMA.
With Cyber Monday sales records topping the charts this holiday season many people may wonder whether the attraction to Cyber Monday is due to the deals, the fact that it is the last day in the major holiday shopping weekend, or due to the last year’s pandemic and the convenience of shopping at home.
While the high percentage of young shoppers is no surprise due to their internet savvy, many people may be a little shocked to see the bigger numbers of seniors taking advantage of the convenience of shopping from home.
It is expected that Cyber Monday will continue to grow not only in the U.S. and the UK, but also in other world countries to record-breaking levels each year.