‘RAPAPORT… E-commerce spending in the US grew to a record high during the holiday season, with jewelry boasting a strong performance, according to Adobe Analytics.
Revenues for the category rose 66% in November and December compared to the same period of 2019, Adobe said Wednesday.
Total online spending soared 32% to $188.2 billion. That figure was just shy of the 33% increase to $189 billion Adobe forecast in October, but higher than the 30% year-on-year rise to $184 billion it predicted in its revised guidance last month.
“In light of the pandemic, digital has become the primary way for people to connect, work, be entertained and ship, helping set online spending records for the holiday season,” said Taylor Schreiner, director of Adobe Digital Insights.
On average, shoppers shelled out more than $3.1 billion each day for their purchases during the seasonal period, compared with $2.3 billion the year before. In fact, for the first time, each day of holiday shopping exceeded $1 billion in online sales, Adobe noted. Revenue topped $2 billion on 50 days of the two-month period, versus 29 days in 2019, and surpassed $4 billion on nine days, up from only three the previous year.
Online purchases for the five days from Thanksgiving through Cyber Monday increased 21% to $34.4 billion. The period saw lower growth compared to the overall season, as retailers began holiday sales earlier than usual this year, Adobe said.
Small retailers saw a 104% boost in e-commerce sales, compared to growth of 84% in 2019, while the increase for larger retailers was 110% versus 107% the year before.
“As Covid-19 cases continue to rise and more stringent lockdown measures return, online spending is expected to stay elevated, at least for the early part of 2021,” Schreiner added.
Adobe will report full holiday sales figures on January 12, it noted. The analytics company measures data from trillions of visits to the US sites of 80 of the top 100 online retailers.’
Source – Rapaport