Online Shopping Poised For Gains During The Holidays
Online sales during the forthcoming holiday shopping season could hit a new all-time high driven largely by consumers buying products on their mobile devices.
A new forecast from Adobe based on its Analytics data, said U.S. online sales will be $240.8 billion during the holidays, up 8.4% year-over-year. In 2023, shoppers spent $221.8 billion online during the holidays, up 4.9% over the previous year. Shopping on mobile devices is expected to contribute a record $128.1 billion, up 12.8% year-over-year. This dollar figure would represent a 53.2% share of online spend this holiday season.
“The holiday shopping season has been reshaped in recent years, where consumers are making purchases earlier, driven by a stream of discounts that has allowed shoppers to manage their budgets in different ways,” says Vivek Pandya, lead analyst, Adobe Digital Insights. “These discounting patterns are driving material changes in shopping behavior, with certain consumers now trading up to goods that were previously higher-priced and propelling growth for U.S. retailers.”
Cyber Week (the 5-day period including Thanksgiving, Black Friday, and Cyber Monday) is expected to drive $40.6 billion in online spending, up 7.0% year-over-year, and represent 16.9% of the overall holiday season. Adobe expects Cyber Monday will remain the season’s and year’s biggest shopping day, driving a record $13.2 billion in spending, up 6.1% year-over-year.
Black Friday ($10.8 billion, up 9.9% year-over-year) and Thanksgiving Day ($6.1 billion, up 8.7% year-over-year) are both expected to outpace Cyber Monday in growth as consumers embrace earlier deals promoted by retailers.
In a survey of 5,000 U.S. consumers, 71% say they plan to shop online on Black Friday, with 70% saying they proactively check for deals during Cyber Week.
Adobe is also expecting a larger number of consumers to seek out premium products as gifts during the holiday shopping season. According to the report, the share of the most expensive sporting goods is expected to rise 76%, electronics (up 58%), and appliances (up 40%).
Adobe sees a more modest rise in apparel (up 3%) and toys (up 3%). Categories with a drop include furniture/bedding (down 12%) and groceries (down 3%), as consumers embrace lower-priced products.
