Thanksgiving US Online Sales Rise To $5.6B: Adobe Analytics Report

Thanksgiving Thursday marked the unofficial start of the holiday shopping season in the U.S., with consumers and online retailers actively engaging in sales. However, Thanksgiving sales reportedly indicate a steady consumer pace without significant growth.

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Adobe Inc ADBE Adobe Analytics reported that U.S. online spending on Thanksgiving reached $5.6 billion, a modest 5.5% increase from last year. Salesforce, Inc.'s CRM global online sales data showed a 1% rise in the U.S. to $7.5 billion. Average order values also saw minimal growth, with a global average of $103 per basket and $119 in the U.S, TechCrunch reports.

Mobile shopping stood out, with $3.3 billion spent via mobile devices, a 14% increase and a record for Thanksgiving. Online traffic to e-commerce sites rose but only by single digits globally and in the U.S.

The holiday shopping period, including Black Friday and Cyber Weekend, is crucial for online retailers. Adobe predicts a total online spend of $37.2 billion for the five days, a slight 5.4% year-over-year increase. Black Friday will likely generate $9.6 billion in sales, as per the report.

Inflation impacts consumer spending, with discounts driving sales rather than purchasing more expensive items. This raises questions about retailers' profit margins, the report added.

Adobe's data is based on 1 trillion visits to U.S. retail sites, while Salesforce's insights come from 1.5 billion consumers. Both companies highlight the growing importance of mobile shopping, with significant traffic and sales through mobile devices and wallets.

Retailers offer substantial discounts to encourage spending, with notable markdowns in toys, electronics, and computers. 'Buy Now Pay Later' options also saw increased usage, contributing to online spending.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo Via Adobe