US forecasts show a 10% increase from 2020, a strong growth rate a year after the pandemic has made e-commerce an essential service.
In the United States, major shopping days are becoming less noticeable as e-commerce becomes more ubiquitous. Cyber Week (Thanksgiving until Cyber Monday) is expected to drive $ 36 billion in online spending, which is 17% of the total holiday season.
According to Adobe’s online shopping forecast for this holiday season, US online holiday season sales are expected to reach $ 207 billion between November 1st and December 31st, setting a new record. Globally, online spending is expected to reach $ 910 billion this season, up 11% year-on-year. Adobe expects to spend more than $ 4 trillion worldwide in 2021.
However, growth there has slowed to just 5% year-on-year in five days (less than 10% year-on-year for the entire season). Adobe expects Cyber Monday to drive $ 11.3 billion (up 4% year-on-year) and remain the largest day of the season (and year). Black Friday is $ 9.5 billion (up 5% year-on-year) and Thanksgiving is $ 5.4 billion. (6% increase from the previous year). All three major shopping days are growing less than the entire season.
From crowded ports and cargo delays to disruptions in overseas manufacturing, retailers are tackling serious supply chain challenges, and consumer demand for online shopping is skyrocketing. Shoppers are feeling the impact.
Adobe said in a press release that out-of-stock message penetration increased by a whopping 172% during the holiday season compared to the pre-pandemic period (January 2020). The company expects to maintain this level and increase with certain products throughout the season.
Of the 18 categories that Adobe is tracking, apparel is currently at the highest level of out-of-stock, followed by sports equipment, baby products, and electronics.
Weakened supply chains are also pushing up online prices. Adobe expects US consumers to pay an average of 9% more during this year’s Cyber Week compared to last year’s holiday season. This is the result of smaller discounts in addition to ongoing e-commerce inflation throughout the year.
Adobe predicts that this season’s discounts will range from 5% to 25% across categories, compared to historical averages of 10% to 30%.
Consumers in the United States shop online for an average of 12 hours this holiday season.
Fiber2Fashion News Desk (DS)
Adobe forecasts $ 207 billion in US holiday season electronic sales and $ 910 billion worldwide
Source link Adobe forecasts $ 207 billion in US holiday season electronic sales and $ 910 billion worldwide