US Thanksgiving online shopping spending to set record

[WASHINGTON] E-commerce spending by US consumers on Thanksgiving Day will probably climb to a record, even though sales may not be as strong as initially expected.

Adobe Analytics estimated consumers will spend US$5.1 billion to US$5.4 billion online Thursday (Nov 25), it said in an emailed statement, lowering the top end of its range from US$5.9 billion. Shoppers, who had started their purchases earlier in the month, are being forced online as more retailers close their physical stores for the holiday.

"What we've seen this afternoon is that we're on a trajectory in which the Thanksgiving Day total will be closer to the lower half of our originally proposed range," Taylor Schreiner, director at Adobe Digital Insights, said in a statement.

"This can be attributed to consumers spreading out their spending across November, which has shown up in more US$3 billion online shopping days thus far."

Shoppers have spent at a pace of at least US$3.5 million per minute on Thanksgiving, Adobe said, with US$2.3 billion of online spending reached as of 3 pm New York time.

Electronics and apparel are among the popular categories, Adobe said, with online purchases of electronics nearly doubling since September. Top products include video game Just Dance, Oculus Quest virtual reality headset, Rainbow High Dolls, Rainbocorns, Apple's iPads and watches and Nintendo Switch, it added.

The US retail industry is entering the busiest shopping season of the year with the inflation rate at a 3-decade high and supply chain disruptions translating into delays and disappointed customers.

"In the midst of a holiday shopping season characterised by inflation, weaker discounts, and widespread product shortages, it's noteworthy that US online spending has already racked up over US$75 billion to date in November," Schreiner said.

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