(PartiallyPolitics.com) – Adobe Analytics’ new report has found that Americans set a new record for online shopping during Thanksgiving, showing strong economic activity despite the concerns regarding inflation.
Adobe Analytics found that on Thursday there were $5.6 billion in online sales, which marked a 5.5 percent increase since 2022. The majority of the online sales came from mobile sales which constituted $3.3 billion of the total sales. In 2017 by comparison, $2.87 billion had been spent online during Thanksgiving.
Similarly, the data from Salesforce found a similar upward trend in the amounts spent over Thanksgiving, with the U.S. online sales reaching around $7.5 billion. This showed a 1 percent year-over-year increase.
The increase in Thanksgiving spending is expected to be only the start, as Adobe has projected that during Black Friday there would be an additional $9.6 billion spent on sales. If this occurs then there will be a 5.7 percent increase when compared to 2022.
However, Salesforce has predicted that a quarter of all the holiday sales will occur during Cyber Week which lasts from November 27 to December 1.
During the pandemic, a trend emerged for shopping deals to start earlier in November, with many companies now starting the Black Friday sales earlier and having the sales extended through December.
Despite the increase in sales and the slowing down of inflation rates, many consumers continue to be cautious as they fear that higher inflation may be up ahead.
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