Adobe Forecasts $209.7 Billion Holiday Season Online (U.S.); Cyber Monday to Top $11 Billion
Today, Adobe (Nasdaq:ADBE) released its online shopping forecast for the 2022 holiday season, covering the period from Nov. 1 through Dec. 31, 2022. Based on Adobe Analytics data, the report provides the most comprehensive view into U.S. e-commerce by analyzing commerce transactions online. The analysis covers over 1 trillion visits to U.S. retail sites, 100 million SKUs and 18 product categories. Adobe Analytics is part of Adobe Experience Cloud, which over 85% of the top 100 internet retailers in the U.S.* rely upon to deliver, measure and personalize shopping experiences online.
Adobe expects U.S. online holiday sales to hit $209.7 billion from Nov. 1 to Dec. 31, representing 2.5% growth year-over-year (YoY). During the 2021 holiday shopping season, $204.5 billion was spent online (growing 8.6% YoY), with consumers uncertain about returning to physical stores due to lingering pandemic concerns.
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Consumers are expected to spend earlier this year, as a second Prime Day (Oct. 11-12) kicks off before the holiday season begins. The first Prime Day event drove record online sales for the retail industry overall, with $73.7 billion spent in July (up 20.9% YoY). These discounts will entice some consumers to start their shopping sooner, impacting Cyber Week performance. The holiday season will also be impacted by an uncertain economic environment, as shoppers contend with elevated prices offline (food, gas, housing) and the rising cost of borrowing.
Cyber Monday is expected to remain the season’s and year’s biggest shopping day, driving a record $11.2 billion in spending, increasing 5.1% YoY. By comparison, Black Friday online sales are projected to grow by just 1% YoY at $9 billion, while Thanksgiving sales are set to fall to $5.1 billion, down 1% YoY. These major shopping days are losing prominence as e-commerce becomes a more ubiquitous daily activity, and as consumers see discounts continuing throughout the full season. Adobe expects Cyber Week (Thanksgiving to Cyber Monday) will bring in $34.8 billion overall, up 2.8% YoY. This represents a 16.3% share of the full season, down from 16.6% in 2021.
“The shape of the holiday season will look different this year, with early discounting in October pulling up spend that would have occurred around Cyber Week,” said Patrick Brown, vice president of growth marketing and insights at Adobe. “Even though we expect to see single-digit growth online this season, it is notable that consumers have already spent over $590 billion online this year at 8.9% growth, highlighting the resiliency of e-commerce demand.” ($590 billion from Jan. to Aug. 2022)
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