Daily Management Review

Adobe Says Record $126 Billion Spent By US Holiday Shoppers Online


01/15/2019




Adobe Says Record $126 Billion Spent By US Holiday Shoppers Online
According to Adobe Analytics, the 2018 holiday season saw United States consumers spend record an\mount of $126 billion on online shopping. The firm said that the driver for consumers were the early discounts on Amazon.com and other websites and the use of smratphones to make online purchases dominated the purchase method.
 
The amount spent by the US consumers was 16.5 per cent more than the amount spent a year earlier, said Adobe. The analysis of the firm is based on data gathered from about 80 per cent of all online transactions that takes place with the top 100 U.S. web retailers.
 
During the November-December period about 51 per cent of the traffic visiting retail websites was accounted for by mobile platforms and those devices were used for making about one third of the total spending during the season.
 
$3.7 billion was spent by US shopped on Thanksgiving and on Black Friday, the day after Thanksgiving, shoppers spent $6.2 billion.
 
But the highest spend for online shopping in the US was made on Cyber Monday — the Monday after the Thanksgiving holiday, at $7.9 billion.
 
Adobe said that the products that were purchased the most online included L.O.L. Surprise & Fingerlings toys, Dell and Apple laptops, Take-Two Interactive Software Inc’s video game Red Dead Redemption 2 and Nintendo’s Switch console and streaming devices.
 
Adobe said that compared to the first three weeks of the season, the three weeks after Cyber Monday saw consumers spending an average of 40 per cent more every day for purchases. Sales continued to grow until Dec. 17.
 
The record breaking figures for online sale during the holiday season clearly reflects how consumer confidence is being positively impacted by low rates of unemployment in the US and the increasing wages. However, the business for department stores carried no good news.
 
Additionally, analysts expect a dent in the US consumer confidence in 2019 because of rise in interest rates in the country, the escalating and acrimonious trade war with China, the volatility in the market due to rising concerns over global growth and the government shutdown and negative political discourse in Washington.
 
Following the department store chain Macy dropping down its profit and sales forecast for the full year because of slack holiday season sale which saw its shares drop by about 18 per cent on Thursday.
 
There was also a drop of 9 per cent on Thursday in the shares of Kohl’s Corp after the company reported bad sale growth figures during the holiday season. On the other hand, despite Target Corp reporting relatively strong growth in sale during the holiday season of almost 6 per cent, the shares of the company dropped by almost 4 per cent.
 
And according to a Mastercard report in late December, the early discounts offered by online retailers saw a 5.1 per cent increase in the sales for the 2018 U.S. holiday shopping season at more than $850 billion on the overall.
 
(Source:www.barrons.com)






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