According to data released by Adobe on Friday (25th), online shopping consumption on Thanksgiving this year increased by nearly 3% compared with last year to 5.29 billion US dollars, setting a record high, which partially eased the market’s concerns regarding the weak buying momentum of the holiday shopping season at the end of the year.
Adobe also updated its forecast that this year’s Black Friday online shopping spending will range from 9 billion to 9.2 billion US dollars, which is better than the original estimate of 9 billion US dollars (an annual increase of 1%).
As of 6:00 pm on Friday, the amount of online shopping by consumers has reached 7.28 billion US dollars.
“E-commerce demand remains strong, with Black Friday online sales on track to top $9 billion for the first time,” said Adobe Digital Insights analyst Vivek Pandya.
Adobe Analytics, Adobe’s data analysis team, measures holiday consumption by obtaining 85% of the shopping data from the top 100 e-commerce platforms in the United States.
According to the report, as more and more consumers place orders through mobile phones, the contribution of mobile shopping to online shopping consumption will reach 55% this year. Pandya said this year’s Thanksgiving was an inflection point, with smartphones helping drive growth in real spending and improving the mobile shopping experience.
Taking into account high inflation and the early start of the shopping season, Adobe previously predicted that this year’s Thanksgiving online shopping consumption will decline by 1% to US$5.1 billion. The higher-than-expected spending showed that consumers were able to overcome the pressure of rising living costs and continue to spend despite the temptation of deep discounts offered by retailers.
With Thanksgiving and Black Friday boding well, Adobe predicts that consumer momentum will carry over into Cyber Monday. During the five-day period from Thanksgiving to Cyber Monday, online sales will grow 2.8 percent annually to $34.8 billion, the agency said.
