Record online spending hits $6.1 billion this Thanksgiving

In the United States, online spending reached a remarkable $6.1 billion over Thanksgiving this year, marking an almost 9% increase from the previous year, according to Adobe Analytics. The significant rise reflects the continuing trend towards e-commerce as more consumers shop online. This shopping surge can be attributed to substantial discounts across various product categories, with shoppers taking advantage of deals in areas such as electronics, apparel, and toys. For instance, toys had discounts averaging 27.2% off, and electronics were reduced by 26.5%, driving impulse purchases among consumers. Adobe examined commerce transactions across 1 trillion visits to retail sites, encompassing 18 different product categories. Online spending for Thanksgiving day specifically saw an increase of 8.8% year over year, surpassing last year's $5.6 billion in spending. Additionally, the use of buy now, pay later services contributed significantly to this spending power, amounting to $430 million in online purchases, a notable 10.3% increase compared to the previous year. The trend of utilizing buy now, pay later services highlights a consumer shift towards making larger purchases without immediate full payment, as many cite this option as helpful for maintaining cash flow. With the expected popularity of these services, it is projected that they will drive $993 million in spending on Cyber Monday, indicating a continued reliance on flexible payment options during the holiday shopping period. Adobe forecasts an overall surge in online spending throughout the holiday season, estimating a total of $240.8 billion in spending, fueled by enticing discounts and the rise of e-commerce. The National Retail Federation (NRF), the largest retail trade group in the U.S., supports this outlook, projecting record holiday spending this year due to the increasing trend towards online shopping, which continues to be a primary driver of retail sales growth.