Adobe's data analytics division predicts that U.S. online sales from November 1 to December 31 will reach $275.1 billion, and Adobe expects Cyber Monday to remain the biggest online spending day of the shopping season.
Adobe's data analytics division forecasts that U.S. online sales during the holiday season from November 1 to December 31 will reach $275.1 billion, up 6.7% year over year.
Driven by consumers snapping up deals early and stocking up heavily on everyday essentials, Adobe (NASDAQ: ADBE) expects online shopping during this year's holiday season to set an all-time record.
The company's data analytics division released its forecast on Monday: U.S. online retail sales from November 1 to December 31 will reach $275.1 billion, an increase of 6.7% compared with the same period last year.
Adobe (NASDAQ: ADBE) expects Cyber Monday to remain the single day with the highest online transaction value of the shopping season, with daily sales projected at $15.1 billion, up 6.2% year over year.
Black Friday is expected to show even stronger sales growth, rising 9.2% year over year to $12.9 billion, partly because categories such as televisions, apparel and home appliances will offer their deepest discounts.
Adobe (NASDAQ: ADBE) said consumers are continuing to start their holiday shopping earlier and earlier. Amazon's Prime Day promotion in October prompted a broad wave of U.S. retailers to launch widespread price cuts well before November.
Adobe (NASDAQ: ADBE) expects online spending in October to reach $95.8 billion, up 8% year over year.
The firm also expects consumers to stock up heavily on daily necessities during holiday promotions. Forecast data show that during Cyber Week, online sales of personal care products will more than double, while sales of basic apparel will rise to more than three times their original level.
The firm's forecast model is based on more than 1 trillion visits to U.S. retail websites, 100 million product SKUs and coverage of 18 major product categories.