Thanksgiving Day Online Sales Touch $5.3 bn in the US, Cyber Week to Generate $34.8 bn
Thanksgiving Day Online Sales Touch $5.3 bn in the US, Cyber Week to Generate $34.8 bn

People spent $5.3 billion in online shopping on Thanksgiving Day in the US, up 2.8 percent from last year.

According to Adobe Analytics, mobile devices accounted for 55 percent of all online shopping, up 8.3 percent from a year ago.

"Thanksgiving this year has become an inflection point, where smartphones drove real growth and highlight how much these experiences have improved," said Vivek Pandya, Lead Analyst, Adobe Digital Insights.

Consumers spent $72.2 billion online in October, 10.9 percent more than they did a month prior. The spend is on par with what consumers spent last year ($72.4 billion in October 2021), where earlier deals also drove an uptick in early holiday shopping.

According to Adobe Analytics, consumers were enticed by bargains in categories including electronics and toys, where discounts have been as high as 17 percent and 15 percent, respectively.

"Shoppers have also seen good deals for computers (10 percent), with more modest discounts in categories like televisions (4 percent), sporting goods (3 percent), and furniture (2 percent)," stated the report.

Adobe expects the best deals to still happen around Cyber Week and has predicted that Cyber Week will generate $34.8 billion in online spending this year, up 2.8 percent from a year ago.

"Despite inflationary pressures and the rising cost of borrowing, there was not a material decline this year in early holiday shopping," said Taylor Schreiner, Senior Director, Adobe Digital Insights.

"With over $72 billion spent online in October, e-commerce demand has shown itself to be durable and resilient, in spite of a challenging macroeconomic environment," added Schreiner.

 

Stay on top – Get the daily news from Indian Retailer in your inbox
Also Worth Reading