US' holiday online sales in 2023 set to hit $221.8 bn: Adobe

Shoppers can anticipate discounts as high as 35 per cent off regular prices. Among the 18 product categories Adobe tracks, apparel stands out. Discounts in this category are predicted to peak at a significant 25 per cent off, in contrast to the 19 per cent offered in 2022. Sporting goods are also set to lure customers with discounts at 24 per cent, a marked rise from last year's 10 per cent, as per Adobe forecasts.

Deal-seekers should circle their calendars for Cyber Week, anticipated to feature the steepest discounts. The most attractive offers for apparel are slated for Sunday, November 26, while those on the hunt for sporting goods should watch out for deals on Wednesday, December 4. The period leading up to Cyber Week (November 1 to 17) will not lag behind, with offers hovering around 20 per cent.

Reflecting on 2022, online shoppers parted with $211.7 billion, marking a 3.5 per cent YoY growth. Unprecedented discounts, coupled with the rising popularity of the Buy Now, Pay Later (BNPL) option—projected to steer $17 billion of the online spend, a 16.9 per cent rise from 2022—are expected to significantly influence consumer spending. Additionally, mobile shopping is on course to break new ground, with over half (51.2 per cent) of all online purchases predicted to be made on these devices.

Cyber Week, encompassing Thanksgiving, Black Friday, and Cyber Monday, is tipped to account for a significant chunk of the holiday sales. It's forecast to generate $37.2 billion, a 5.4 per cent YoY growth, making up 16.8 per cent of the holiday tally. While all these days are anticipated to witness substantial sales, Cyber Monday takes the lead, with an expected record-breaking $12 billion spend, up by 6.1 per cent YoY. Black Friday and Thanksgiving are projected to contribute $9.6 billion and $5.6 billion respectively.

Despite its dominance, the apparel category is expected to witness a minor dip of 0.7 per cent YoY, translating to $41 billion. This suggests a gradual consumer shift back to in-store shopping.

Early shopping seems to be the trend this year, with events like the second Prime Day (October 10-11) expected to kickstart the buying spree. This event alone is set to rake in $8.1 billion, with discounts peaking at 18 per cent. The July Prime Day was a testament to its success, clocking in $12.7 billion in sales. Adobe's survey unveiled that nearly half (49 per cent) of over 1,000 US participants plan to embark on their holiday shopping in October.

Fibre2Fashion News Desk (DP)