Shoppers clicked the buy button with abandon on Cyber Monday, racking up $11.3 billion in online sales, according to Adobe Analytics. That represents a 5.8 percent year-over-year gain from 2021 and makes November 22, 2022, the biggest online shopping day of all time. 
Toy sales led the charge, with receipts coming in 684 percent above an average day in October. 
Sporting goods, appliances, books, and jewelry also performed well. Electronics saw the second-most sales behind toys — despite falling consumer demand throughout the year and predictions that sales would continue to fall through the holiday season. 
Adobe Analytics explained that heavy discounting helped drive the buying spree, even as rising costs and falling consumer sentiment sowed doubt about the holiday season. 
For electronics, customers enjoyed a 25 percent discount off the listed price, compared to 8 percent in 2021. Toys were discounted 34 percent, compared to 8 percent, and computers were discounted 20 percent, compared to 10 percent last year. 
While this doesn't bode well for retailers' profit margins, it was fuel for the holiday-shopping fire.  
"With oversupply and a softening consumer spending environment, retailers made the right call this season to drive demand through heavy discounting," said Vivek Pandya, lead analyst, Adobe Digital Insights. "It spurred online spending to levels that were higher than expected, and reinforced e-commerce as a major channel to drive volume and capture consumer interest." 
Top sellers in toys included Legos, Pokemon cards, Hot Wheels, Cocomelon products, and Hatchimals. (For readers without kids, Cocomelon is a wildly popular musical artist who sings nursery rhymes, while Hatchimals are mini-figurines that hatch out of eggs.) 
Top video game consoles included PlayStation 5, Nintendo Switch, and Xbox Series X. Top video game sales included FIFA 23, God of War Ragnarök, Madden 23, NBA 2K23, and Pokémon Scarlet & Violet. Other big sellers: Smart TVs, Apple AirPods, Apple MacBooks, tablets, smart watches, instant pots, and air fryers.
In addition, the increase in sales wasn't just the result of higher prices. The Adobe Digital Price Index (DPI) shows that online prices have been flat in recent months and were down 0.7 percent year-over-year in October, suggesting higher consumer demand was behind the gains. 
Adobe Analytics also noted that customers tapped more consumer credit on this Cyber Monday than last year, as buy now pay later orders jumped 85 percent from the week prior.  
The sales were right in line with what the business intelligence firm was expecting.