Cyber Monday has never been more meaningless, given the kickoff of the holiday season this year has been more virtual than ever thanks to the pandemic.
Why it matters: Consumers spent roughly $9 billion online on Black Friday, a 22% jump from last year's previously record high, according to Adobe Analytics.
- Still, Adobe anticipates even bigger online sales: Cyber Monday sales are estimated to hit between $10.8 billion and $12.7 billion, which would represent growth of 15% to 35% from 2019.
Between the lines: Real-time shopping data from both RetailNext and Sensormatic Solutions showed in-store traffic plunged by roughly 50% compared to last year's Black Friday.
- Keep in mind: In-store traffic on Black Friday was already on the decline. Per Sensormatic Solutions, foot traffic fell over 6% in 2019 from the prior year. In 2018, in-store shopping fell by 1.7% compared to 2017.
Yes, but: The stronger-than-expected Black Friday may not be enough to boost overall holiday sales.
- "To avoid stockouts and delivery delays, many consumers are pulling their holiday spending forward, which could result in disappointing sales in December," Sarah Wyeth, lead retail analyst at S&P Global Ratings, wrote in a note.
- S&P estimates holiday sales will grow at a "meager" 0.3% rate this year.
