Consumers are becoming more price-conscious and took full advantage of discounted offers on Cyber Monday.
Goldman Sachs collected data from Adobe
According to Raymond James, active footwear saw the biggest year-on-year sales growth. The category spiked 17%, while general footwear was up 14%. Toys and learning saw an increase of 15% over last year and beauty and skincare rose 10%. Home and furniture saw the biggest sales decline, down 10% over last year.
Cyber Monday Consumers Are Price Sensitive
Consumers took full advantage of discounted promotions. But they also showed a degree of caution. Analysts at Goldman Sachs reported a pickup in "buy-now-pay-later" and "no-rush shipping" options.
"Consumers continue to be particularly value-oriented and price-conscious, with promotions playing an important role in purchasing decisions," said analyst Eric Sheridan.
Among the heaviest discounts were to be found in the active footwear category, according to research by Raymond James.
"Of the brands we track, 13 brands were more promotional, six were less, and 27 were the same as last year, said Raymond James analyst Rick Patel.
Promotions Likely To Remain Into 2024
Patel added: "We expect the remainder of 2023 to remain promotional for most companies given the weak macro backdrop and certain categories still grappling with high marketplace inventories."
Goldman Sachs also expected eCommerce to remain highly promotional driven by consumers becoming increasingly price sensitive.
"We continue to highlight Amazon