Cyber Monday Forecast Boosted After Record Online Holiday Sales, Says By Adobe Inc
Online Holiday bonanza: US shoppers will spend up to $12.4 billion online during Cyber Monday, according to Adobe Inc., which adjusted its initial forecast of $12 billion upward based on stronger-than-expected spending on Black Friday and the popularity of buy-now-pay-later features that let shoppers stretch their budgets with credit.
It would cap off a Cyber Week that has already seen record online spending: Black Friday topped projections at $9.8 billion, up 7.5% from a year earlier. Thanksgiving spending of $5.6 billion was up 5.5%, according to figures released early Monday from Adobe.
Flexible spending options, including buy-now-pay-later features online, have helped shoppers stretch budgets otherwise battered by inflation. Consumers used such promotions to spend $7.3 billion from Nov. 1 to Nov. 26, up 14% from a year ago, according to Adobe, underscoring how credit is helping retailers spur spending.
We are now on WhatsApp. Click to join.
The adjusted Cyber Monday forecast follows a robust Thanksgiving weekend for US retailers, which generate much of their sales and profits during the annual shopathon. US shoppers spent $10.3 billion online Saturday and Sunday, up 7.7% from a year earlier. Analysts are closely watching holiday shopping this year to assess the American consumer's staying power as pandemic-era savings dwindle and interest rates remain at a 20-plus-year high.
“An uncertain demand environment pushed retailers to deliver big discounts this season, while also fortifying their e-commerce services with flexible payment methods,” said Vivek Pandya, a lead analyst at Adobe Digital Insights. “Consumers have taken note and spent at record rates during the big shopping days, despite dealing with rising costs in
Read more on tech.hindustantimes.com
