But do you know just how big, exactly? By the numbers, they are far and wide the largest shopping days of the year. But, if the stampedes at store entrances aren't enough to convince you, maybe these numbers will. Here's one for starters: Black Friday and Cyber Monday sales hit a staggering $6.79 billion in 2016.
Those numbers include heavy hitters such as Amazon and Walmart. But if you think enterprise-level businesses are the only ones reaping the benefits, you'd be wrong. Smaller, ecommerce operations are also getting in on the action, too. And lots of it.
According to data released by Adobe Digital Insights, consumers spent $3.45 billion on Cyber Monday in 2016, making it the largest spending day in the history of all U.S. e-commerce, while Black Friday spending hit $3.34 billion.
At it's peak, Shopify merchants generated $555,716 in just one minute on Cyber Monday in 2016, with store owners generating 3.6 times or more orders on Black Friday and 3.1 times more orders on Cyber Monday compared to your average November sales day.
Although largely considered an American trend, these shopping days are driving massive consumer spending in other parts of the world, too. The biggest winner? Spain. Additional data provided by Shopify showed that on Black Friday in Spain, store owners accrued a whopping 7.80 times more orders compared to your average shopping day in November.
Other winners in global growth include Denmark, where merchants experienced a 6.01 times order rate compared to your average shopping day in November, and Ireland, which had a 4.69 times order rate increase.
The uptick in consumer spending on these shopping days is happening largely on mobile. Further research from Adobe showed that Black Friday in 2016 became the first day in retail history to surpass $1 billion in mobile sales.
According to a Goldman Sachs 2016 Holiday Retail Roadmap report "online will remain the winning channel--growing at more than three-times the rate of core retail sales this year--with mobile phone-based shopping increasingly gaining traction."