The upcoming holiday season is expected to break all records, with Adobe forecasting a staggering $240.8 billion in online sales between November 1 and December 31. According to Adobe’s latest report, Black Friday will see faster growth than Cyber Monday due to significant discounts, the rise of mobile shopping, and the growing influence of social media.
“The holiday shopping season has been reshaped in recent years, where consumers are making purchases earlier, driven by a stream of discounts that has allowed shoppers to manage their budgets in different ways. These discounting patterns are driving material changes in shopping behaviour, with certain consumers now trading up to goods that were previously higher-priced and propelling growth for U.S. retailers,”Vivek Pandya, lead analyst, Adobe Digital Insights.
In 2023, online shoppers spent $221.8 billion, marking a 4.9% year-over-year increase. As for this year, mobile shopping is expected to reach a new peak, with $128.1 billion to the total, a 12.8% increase from last year. If these predictions come true, mobile will account for 53.2% of all online sales, overtaking desktop shopping.
The five days of Cyber Week, which includes Thanksgiving, Black Friday, and Cyber Monday, is expected to generate a staggering $40.6 billion, growing by 7.0% compared to last year and making up 16.9% of overall holiday sales.
While Cyber Monday remains the top shopping day of the year with a projected $13.2 billion in sales (up 6.1%), Black Friday is expected to grow more quickly, reaching $10.8 billion (up 9.9%). Thanksgiving Day is also predicted to experience strong growth, with sales projected at $6.1 billion, up 8.7% year-over-year.
According to the survey, 71% plan to shop online on Black Friday, while 70% actively seek deals throughout Cyber Week.