Adobe forecasts record $240.8B in U.S. holiday season online sales, up 8.4%

Earlier, Adobe (ADBE) released its online shopping forecast for the 2024 holiday season, covering the period from Nov. 1 through Dec. 31, 2024, based on Adobe Analytics data. “Adobe expects U.S. online sales to hit $240.8 billion this holiday shopping season, representing 8.4% growth year-over-year. In the 2023 season, shoppers spent $221.8 billion online at 4.9% growth YoY. Shopping on mobile devices is expected to hit a new milestone, contributing a record $128.1 billion and growing 12.8% YoY. This would represent a 53.2% share of online spend this season versus desktop shopping. Cyber Week – the 5-day period including Thanksgiving, Black Friday and Cyber Monday – is expected to drive $40.6 billion in online spend, up 7.0% YoY and representing 16.9% of the overall holiday season. Adobe expects Cyber Monday will remain the season’s and year’s biggest shopping day, driving a record $13.2 billion in spend, up 6.1% YoY. Black Friday – $10.8 billion, up 9.9% YoY – and Thanksgiving Day – $6.1 billion, up 8.7% YoY – are both expected to outpace Cyber Monday in growth YoY, as consumers embrace earlier deals promoted by U.S. retailers,” Adobe stated. Publicly traded big box retailers include Walmart (WMT), Target (TGT), Best Buy (BBY) and Costco (COST). Publicly traded online retailers include Amazon.com (AMZN), Beyond (BYON), Wayfair (W) and eBay (EBAY).