That revenue total, calculated by Adobe Digital Insights, handily blew past initial estimates — projecting sales of $3.39 billion — and topped last year’s total by 12 percent.
The unprecedented results, experts say, indicate ongoing momentum in retail following Thanksgiving weekend, during which a record number of consumers also shopped online and in stores in search of megadeals.
According to the National Retail Federation, a record-breaking 44 percent of shoppers went online during Thanksgiving weekend, while 40 percent shopped in-store. Nevertheless, NRF president and CEO Matthew Shay said he believed many shoppers reserved a portion of their budgets exclusively for Cyber Monday, “knowing that there will be digital deals that are too good to pass up.”
The NRF projected that 122 million Americans would shop online on Cyber Monday, up from the 121 million who planned to participate in 2015.
Early reads indicate that Wal-Mart Stores Inc., Target Corp. and Kohl’s Corp. were among the retailers to score big with consumers during the holiday shopping kickoff weekend and into Cyber Monday.
Overall, some of the early holiday shopping results represent a mixed bag for retail: Consumers’ overall zeal to shop appears to be on the uptick, but deep discounting may be keeping the spending totals on the conservative. The NRF said roughly 154 million people shopped online and in-store during Thanksgiving weekend, but total spending per person dipped year-over-year to an average of $289.19, as consumers craved heavily discounted merchandise.