BUSINESS + ECONOMY
Holiday spending projected to smash records for retailers
SALT LAKE CITY, Utah — Most retailers are encouraging shoppers to head online this holiday season, which experts say could lead to record-breaking spending.
Holiday shopping could approach $190 billion this year. That projection is taken from Adobe Analytics; they point out that a total number in that stratosphere would mean about a 33% increase in holiday spending from just last year alone.
Many experts say an even stronger push towards online shopping should bolster the three biggest online shopping days of the year. They expect $6 billion potentially spent on Thanksgiving alone, $10 billion on Black Friday and almost $13 billion on Cyber Monday.
Along the way, U.S. shoppers will drop around $2 billion every day between Nov. 1 and Dec. 31, except for the Thanksgiving break, which is considered Nov. 22 through Dec. 2. Instead, that span will see an average of $3 billion in daily online spending.
According to John Copeland, head of marketing and customer insights at Adobe, the 2020 holiday season will be unlike any other on record.
“As retailers adapt to consumers’ new behaviors in this pandemic, we expect earlier discounts, more shipping and pickup options and uncertainty around in-store purchases to drive this year’s online holiday sales to record highs,” he said in a statement.
In short, when it comes to online retail, profound changes are already happening.
“This year is unlike any in the past, and for the first time we are no longer referring to peak holiday sales as Cyber Week — it’s now Cyber Month,” Copeland said.
With expanded online deals this year, don’t expect to see the traditional Black Friday hustle-and-bustle, overflowing parking lots and long lines.
“Black Friday shopping like we know it is officially over because of COVID-19,” Holiday shopper Holly Barraclough told the Money Making Sense Podcast. “People [big box stores] are starting their sales now. Target deals are going on currently as we speak.”
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