United States Cyber Monday spending is set to rise 6.3% to reach US$14.2 billion, driven by home goods sales and greater use of Buy Now Pay Later.
Consumers’ online Black Friday spending was $11.8 billion, surging 9.1% from last year, according to Adobe Analytics. It projected ahead of the holiday season that U.S. online sales would be $253.4 billion in November and December.
“Over half (53.7%) of online spend this season will be driven by three categories including electronics ($57.5 billion, up 4% YoY), apparel ($47.6 billion, up 4.4% YoY) and furniture ($31.1 billion, up 6.5% YoY),” Adobe wrote.
“Adobe expects an uptick in purchases for the home this season, as consumers take advantage of deals to upgrade their living spaces.”
Sales of power tools and home security products are expected to rise year-over-year by more than 1,000% each over November and December.
Buy Now Pay Later is also set to drive $20.2 billion in online spending across the holiday season, according to Adobe. This is an 11% increase year-over-year, and would include a record $1.04 billion on Cyber Monday.
AI-based online traffic to U.S. retailers is projected to rise by 670% year-over-year in November and December, stemming from chatbots and AI browsers. On Black Friday, AI traffic increased by 805% over one year ago.
In-store traffic dipped by 3.6% year-over-year on Black Friday and the following Saturday, however, according to RetailNext’s preliminary report.
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