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Online shoppers spend record amounts on Thanksgiving

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After eating turkey and pie, many Americans also go on a shopping spree.

Thanksgiving Day online spending hit a record $5.29 billion, an increase of 2.9% year over year, according to Adobe, which tracks sales on retailers’ websites. According to Adobe, shoppers typically spend about $2 billion to $3 billion a day online.

According to Vivek Pandya, principal analyst at Adobe, this growth was driven by demand, not inflation. He said online sales haven’t gotten as high as inflation like store sales, because e-commerce is largely made up of electronics, apparel and other durable goods that have remained stable or declined in price compared to groceries.

For retailers, the early numbers could be a promising indicator about the weeks ahead. Early holiday forecasts have been muted. target, Macy’s, nordstrom And other companies reported declining sales in late October and early November. Consumer sentiment has weakened in the last one month as inflation hovers near a four-decade high.

This has put pressure on the Black Friday weekend — a time that spans from Thanksgiving Day to Cyber ​​Monday, and the one that’s often associated with the biggest deals.

Read more: Walmart beats Amazon in search of buyers for Black Friday deals

Till now shopkeepers are buying goods. Pandya said some of the most popular categories are toys, apparel, and grills and outdoor equipment.

“Given the macroeconomic headwinds and backdrop we weather for consumers, the big question was, ‘Will the strength of discounting be able to keep demand strong and will it be sustainable – as we saw last year?'” he said. Told . “What we’re seeing is that the rebate is strong enough to entice consumers to continue spending.”

And that said, after this Turkey Day, online shopping won’t have to compete as hard with brick-and-mortar walmart, Target and other major retailers decided to keep stores closed again this year.

However, online sales growth was more modest on Thanksgiving Day. Since Adobe began tracking holiday sales online in 2012, the day has typically grown in the double-digit range year-over-year — from about 10% to 14%.

But the shopping holidays of Thanksgiving Day, Black Friday and Cyber ​​Monday have waned as retailers grab earlier and earlier deals and extend them throughout the season.

“Retailers still invest in these these days – but as the initial discounting kicks in these days it’s stopped growing as much as they used to at one point,” he said. “Now, they’re just having big days and growing up in a very modest fashion.”

The big holiday shopping days are yet to come. $9 billion is expected to be spent on Black Friday. Adobe said Cyber ​​Monday is expected to reach $11.2 billion, which would be a 5.1% increase year over year and cement itself as the biggest online spending day.

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