Investing.com — U.S. online holiday sales are expected to grow by 4.8% annually this year as retailers roll out unprecedented price reductions and offer flexible payment options to entice inflation-hit consumers, according to a widely-followed report from Adobe (NASDAQ:) Analytics on Thursday.
The group predicted that digital sales during the festive shopping period between Nov. 1 to Dec. 31 will rise to $221.8 billion, up from $211.7B in the same timeframe last year. A record $12B of this amount are anticipated to be raked in on “Cyber Monday” alone.
Discounts will touch record highs, reflecting an uncertain economy marked by elevated costs for food and gas. Meanwhile, the increased usage of so-called “Buy Now, Pay Later” spending methods are seen driving online buying by $17B — more than a sixth higher than 2022 — as customers look to control costs by spreading out payments.
Additionally, shopping on mobile devices is projected to surpass desktop spending and make up more than half of all digital expenditures.
“Despite an unpredictable economic environment, where consumers face several challenges including rising interest rates, we expect strong e-commerce growth this season,” Patrick Brown, Vice President of Growth Marketing at Adobe, said in a statement. “Buy Now, Pay Later in particular has become increasingly mainstream and will make it easier for shoppers to hit the buy button.”
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