Adobe Analytics has predicted e-commerce spending in the US will hit record highs this holiday season, with Cyber Monday likely to remain the biggest online shopping day.
Sales will rise 7% year on year to $275.1 billion over the November 1 to December 31 period, Adobe Analytics projected recently in its annual holiday shopping forecast. Cyber Week – Thanksgiving through Cyber Monday – is predicted to increase 7% and generate $47.5 billion online, representing 17% of the total holiday season outlay.
Cyber Monday is expected to rake in $15.1 billion, up 6%, the first time e-commerce spending will exceed $15 billion in a single day. Adobe foresees Black Friday will see stronger growth than Cyber Monday due to earlier discounts, advancing 9% to $12.9 billion. Thanksgiving is positioned to yield $6.9 billion, an 8.5% uptick.
The electronics category is set to advance 6%, followed by apparel at 4.7%. Other segments tapped to pick up include furniture, at 7%, and grocery, toys and cosmetics, which are each likely to climb 10%.
Meanwhile, Adobe forecast that the Prime Day event on October 6 and 7 would drive significant spending ahead of the holiday season, with revenue gaining 9% to $9.9 billion. It anticipates consumers will spend $95.8 billion online in October, an 8% improvement.
Shoppers are increasingly taking advantage of Buy Now Pay Later (BNPL) services, which are expected to go up 7% to $21.3 billion over the November-to-December period, experiencing a spike on Cyber Monday.
Image: A woman purchasing goods online. (Shutterstock)
