US holiday season shopping surged 5 per cent to a record $222.1 billion online
Consumers spent a record $222.1 billion online from November 1 to December 31, representing a 4.9 per cent year-on-year increase, according to holiday season online shopping data from Adobe.
A total of $123.5 billion was spent online in November, an increase of 6 per cent, largely thanks to Cyber Week – the five days between Thanksgiving and Cyber Monday.
December’s online spend also went up 3.7 per cent to $98.6 billion, driven by discounts that lingered past Cyber Monday.
Among the categories, electronics contributed the most to online spend with $50.8 billion, followed by apparel ($41.5 billion), furniture ($27.3 billion), groceries ($19.1 billion) and toys ($7.7 billion). These five categories accounted for over half (65 per cent) of the online spend this holiday season.
‘Buy Now, Pay Later’ (BNPL) usage hit an all-time high, contributing $16.6 billion in online spend, up 14 per cent versus last year.
“In an uncertain demand environment, retailers leaned on discounting and flexible payment methods to entice shoppers this holiday season,” said Vivek Pandya, lead analyst, Adobe Digital Insights.
“The strategy was effective, driving record spend online during big days like Cyber Monday and Black Friday, and a record 11 days that surpassed $4 billion in daily spend this season.”
The Adobe report analyzed commerce transactions online, covering over 1 trillion visits to US retail sites, 100 million SKUs and 18 product categories.
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