Thanksgiving in the United States has kicked off the holiday shopping season, as both consumers and online retailers engage in an annual dance of digital commerce. This year’s Thanksgiving sales have conveyed a message of steadiness rather than explosive growth, according to a report TechCrunch.
According to Adobe Analytics, online spending in the US on Thanksgiving reached an estimated $5.6 billion, marking a modest increase of 5.5% compared to the previous year. This included a substantial 14% increase in spending on mobile devices, totaling around $3.3 billion for Thanksgiving Day, which is an all-time record. Additionally, Adobe Analytics projected a total online spend of $37.2 billion over a five-day period, representing a year-on-year growth of 5.4%.
The figures also reflect a noticeable improvement over the previous year, showing a notably increased growth rate of 5.5%. However, it is worth noting that this growth pales in comparison to pre-COVID-19 years, such as 2017 when growth rates surpassed 18%, as reported TechCrunch.
Despite an increase in spending, there are concerns about the impact on retailers’ profit margins, as the surge in spending is driven increased discounts incentivizing purchases rather than a shift toward pricier products.
Experts suggest that the figures provide valuable insights into consumer behavior and economic trends. While there is still a steady but moderate growth in online spending, it is not as substantial as the growth rates observed in pre-pandemic years.
With the festivities of the holiday shopping season in full swing, this year’s Thanksgiving sales provide valuable information for retailers, analysts, and businesses assessing the health of the retail sector. Overall, the figures suggest a steady but moderate growth in online spending during the Thanksgiving holiday period. It remains to be seen if this trend will continue as the holiday season unfolds.