Nov 27, 2020 - Economy & Business
Report: Thanksgiving Day online sales hit record $5.1 billion
Thanksgiving Day consumer spending increased by roughly 22% year-over-year, topping a $5.1 billion record, according to Adobe Analytics data, CNBC reports.
The state of play: As shoppers avoid in-person retail due to COVID-related concerns, online transactions have surged. Adobe's marketing technology division follows online buying in real time at 80 of the top 100 retailers across the U.S., saying nearly half the purchases made on Thanksgiving were done so from smartphones.
- Last year, online sales hit $4.2 billion on Thanksgiving Day.
What to watch: Adobe forecasts that the full holiday season — from Nov. 1 to Dec. 31 — will add up to $189 billion in sales.
- Adobe anticipates Black Friday sales will add up to $10.3 billion, while Cyber Monday sales could reach $12.7 billion — making them the two largest online sales days in history.