Cyber Monday is expected to be the largest online shopping day in the U.S., raking in about $9.2 billion in online sales.
Total online sales ere projected to hit $9.2 billion on Monday, according to the Adobe data. The total, while down slightly from projections earlier in the day of $9.4 billion, is still up 16.9% from last year.
The projected numbers were released just before the so-called "golden hours of retail," according to Adobe, with 30% of all Cyber Monday sales taking place from 10 p.m. to 2 a.m. ET. Of course, those purchases are right before the deals evaporate. About $11 million will be spent every minute during those four hours, Adobe said.
In addition to the record $9.2 billion in overall online sales, Adobe said a single-day record of $3 billion was spent by customers using smartphones Monday.
"Just look at Black Friday, which brought in $7.4 billion online and is just below last year’s Cyber Monday at $7.9 billion," Taylor Schreiner, the principal analyst and head of Adobe Digital Insights said in a statement. "Consumers are reimagining what it means to shop during the holidays, with smartphones having a breakout season as well. We expect that consumers will spend $14 billion more this holiday season via their phones."
On Black Friday, an estimated 42% of all e-commerce sales were made on a smartphone, according to the data. Moreover, 61% of all visits to online retailers on Friday were coming from a smartphone device.
Cyber Monday brings some of the year's biggest discounts on toys, TVs and computers, with deals averaging around 20% off. If you're seeking furniture or bedding, the Adobe data recommends waiting for the deals on Giving Tuesday.
Black Friday this year racked in a record $5.4 billion in online spending, which means consumers spent an average of $5.3 million per minute in online purchases that day, according to Adobe data.
This holiday season, consumers are on track to hit a total of $143.7 billion in total online spending between November and December.