Thanksgiving Day consumers to spend up to $5.9B shopping online: Adobe
Adobe predicts total online sales for full holiday shopping season will hit record $207B, up 10% compared to last year
Consumers shopping online have spent $76 billion in November so far, surpassing last year's $63 billion in revenue generated during the same period, according to the latest data from Adobe Analytics.
Shopping on mobile devices has accounted for $31 billion of revenue generated, a 21.7% year-over-year increase, while shopping on desktops accounted for the remaining $45 billion. The data covers over one trillion visits to U.S. retail sites, 100 million SKUs and 18 product categories.
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Online shopping for the grocery category peaked on Monday, up 172% over September's average. Wine is outperforming beer by 124% versus 100% over September's average. Additional categories showing strong season-to-date boosts are toys and video games, up 259% and 167% compared to September's average. The biggest movers over the past week include jewelry and personal care products, up 79% and 89% over September's average.
As of Nov. 24, out-of-stock messages have risen 9.7% compared to the average for the previous week. For the month, out-of-stock messages are up 227% compared to prepandemic levels and 261% compared to two seasons ago. The categories seeing the highest out-of-stock messages include electronics, groceries, appliances, home and garden products, and personal care products.
Curbside pickup remains popular among consumers, up 88% versus November 2019. On Nov. 24, curbside pickup was used in 22% of all online orders.
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Adobe predicts consumers will spend somewhere between $5.1 billion and $5.9 billion online on Thanksgiving Day as many retailers have shut their doors in observance of the holiday.
"With Thanksgiving Day finally upon us, we can expect the online spending momentum to escalate during Cyber Week as price-conscious shoppers try to tap into best available discounts," Adobe Digital Insights lead analyst Vivek Pandya said. "Despite a more inflationary shopping environment also marred by supply chain disruptions, consumers today can still expect to find great deals on seasonal categories such as toys, apparel, and computers."
Since Oct. 1, toy prices have fallen 21.3%, apparel prices have fallen 15.2%, computer prices have fallen 12.9%, TV prices have fallen 11.6%, electronics prices have fallen 10.9%, appliance prices have fallen 8.5% and sporting goods prices have fallen 7%. Meanwhile, prices for home improvement products have seen a 0.49% increase since Oct. 1.
For the full holiday shopping season, which runs from Nov. 1 to Dec. 31, Adobe is predicting total online sales to hit a record $207 billion, a 10% year-over-year increase. Cyber Monday will remain the biggest online shopping day of the year, with a record $11.3 billion in revenue expected to be generated, up 4% year over year, followed by Black Friday at $9.5 billion, up 5% year over year.