According to Adobe’s Holiday Shopping Forecast, US online holiday sales is going to reach a new record, $207 billion, from November 1 to December 31. This is up 10% year over year, a growth rate after a year where they pandemic cause a massive majority of people towards using e-commerce.
As you can see from the chart above, major shopping holidays are losing steam. Although Cyber Monday is expected to drive $36billion in online spending, growth has slowed, coming in at 5% year over year.
More stats from the report:
- U.S. consumers will pay 9% more on average during Cyber Week this year, compared to the last holiday season.
- Out-of-stock messages are up 172% vs. pre-pandemic period (Jan 2020); and up 360% vs. Jan 2019.
- Online revenue from Buy Now Pay Later (BNPL) this year has been 10% higher than 2020 and 45% higher than 2019. Shoppers are also using BNPL for less expensive orders, with the minimum order value dropping to $225 (a 12% decrease YoY).
Source – Search Engine Land