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Online shoppers spent a record amount on Thanksgiving Day

by SuperiorInvest

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After eating turkey and pie, many Americans also went shopping.

Online spending on Thanksgiving hit a record $5.29 billion, up 2.9% year over year, according to Adobe, which tracks sales on retailer websites. According to Adobe, customers typically spend about $2 billion to $3 billion online per day.

According to Vivek Pandya, chief analyst at Adobe, this increase was driven by demand, not inflation. Online sales have not been driven by higher inflation like in-store sales because e-commerce is largely made up of electronics, apparel and other consumer durables, which have remained flat or declined compared to groceries, he said.

For retailers, these initial numbers could be a promising indicator for the coming weeks. Early holiday forecasts were muted. target, Macy’s, Nordstrom and other companies reported a drop in sales at the turn of October and November. Consumer sentiment has weakened over the past month inflation hovers near four-decade highs.

It has increased the pressure on the Black Friday weekend — a time that stretches from Thanksgiving to Cyber ​​Monday and is often associated with the biggest deals.

Read more: Walmart has overtaken Amazon in shoppers’ quest to find Black Friday deals

So far, shoppers have been looking for goods. Some of the hottest categories were toys, apparel and grills and outdoor gear, Pandya said.

“Given the macroeconomic headwinds and the backdrop coming into the season for consumers, the big question was, ‘Could the strength of discounting sustain strong demand and be stable — comparable to what we saw last year?'” he said. . “We see that the discounts are strong enough to entice consumers to keep spending.”

And he added that online shopping did not have to compete so hard with brick-and-mortar stores this Turkey Day walmart, Target and other major retailers have decided to keep stores closed again this year.

However, growth in online sales on Thanksgiving was more modest. Since Adobe began tracking online holiday sales in 2012, the day has typically grown in the double digits year-over-year—around 10% to 14%.

But the Thanksgiving, Black Friday and Cyber ​​Monday shopping holidays have waned, just as retailers are dangling deals earlier and earlier, stretching them out through the season.

“Retailers are still investing these days – but with the way early discounts are introduced, it’s preventing them from growing as much as they used to these days,” he said. “They are just big days now and they are growing in a very modest way.

Bigger holiday shopping days are yet to come. Black Friday is expected to attract $9 billion in spending. Cyber ​​Monday is expected to bring in $11.2 billion, up 5.1% year-over-year and solidifying the biggest spender online, Adobe said.

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