Holiday sales hit record high, expected to reach $207 billion

Today is Thanksgiving Day in Western countries, and with it comes the annual online shopping festival - Black Friday and Cyber ​​Monday. According to Adobe's forecast, online sales during the shopping season from November 1 to December 31 this year will reach a record $207 billion.

With the explosion of chain shopping festivals led by Thanksgiving and the prime time of weekends , it is expected that total consumer spending this year will increase by 10% year-on-year .

According to statistics, consumers have spent $72.2 billion on online shopping so far , up 19.8% from the same period last year . Adobe further predicts that consumers will spend $5.1 billion to $5.9 billion during Thanksgiving and $11.3 billion on Cyber ​​Monday, both of which will be record highs .

Since the outbreak of the epidemic in early 2020 , out-of-stock information of popular products has increased by 227% year-on-year . In the context of inventory shortage , categories such as toys , video games and books have become the biggest drivers of consumption.

Due to the continued shortage of supply chains , online discounts are expected to be reduced this year . Home appliances may show the most obvious difference, with an average discount of -8.4%, compared with -17.2% last year. Sporting goods discounts are only -5.9%, compared with -13% last year.

With inflation also up 1.9% in October , buyers will spend 9% more during Cyber ​​Week. Still, concerns that supply chain shortages could lead to further price increases could prompt consumers to bring forward their shopping . The number of people picking up items offline has increased by 92% this year compared to last year, and the number of buy now, pay later orders has also increased by 466% compared to 2019 .

Taylor Schreiner, head of Adobe , also said that this year's holiday shopping season will see a record-breaking $207 billion in transactions . It is undeniable that due to consumers' concerns about inflation , supply chain and other related derivative issues , they have contributed 20% more shopping expenses than last year .

Meanwhile, online stores and the Thanksgiving weekend will make significant contributions to the figures, as many physical stores choose to close on Thursday .

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