Consumer Spending Hits $11 Billion So Far This Week, Adobe Reports

Consumers have spent $11.9 billion online since Sunday -- a 49.2% increase year-over-year, according to online shopping data released Wednesday by Adobe Analytics.

And online spending has totaled $62.5 billion thus far in November, growing at a rate of 32.6% YoY.

In addition, each of the days up to November 24 have pulled $1 billion in sales, and four days brought in over $3 billion apiece.

From November 1-24, consumers have spent $24.2 billion on their smartphones -- a 49.2% hike YoY, reflecting 38.6% of all ecommerce sales.

Large retailers have since Sunday seen a 153% increase in online sales over their October totals. In contrast, smaller firms have enjoyed a 136% increase.

Adobe routinely analyzes one trillion visits to U.S. retail sites, covering 100 million SKUs and 80 of the 100 largest retailers in the U.S.

Based on this, Adobe forecasts that consumers will spend $189.1 billion during November and December, reflecting growth of 33.1% YoY.

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Driven by the COVID-19 pandemic, BOPIS/curbside pickup has increased YoY growth so far this week and expedited shipping has risen by 48%, Adobe reports. In addition, BOPIS is producing a 29% higher conversion rate for brands this week.

Discounts offered by email and other channels also appear to be growing.

Brands will offer steep discounts this week for computers (27.7%), electronics(23.9%), appliances (17.5%), toys (16.6%) and televisions (16.7%), Adobe predicts.

The book category will see saline sales growth of 6.5x YoY, and the arts & crafts will see growth of 4x compared with October levels. Last year, growth for these two verticals was pegged at 1.6x.

The top toys are hoverboards, Baby Alive, and Star Wars dolls and other items. Among the best-selling video games are Super Mario 3D All-Stars, Cyberpunk 2077, And Madden NFL 21.

Meanwhile, a poll of 1,000 consumers shows that 56 believe the best discounts will be saved for Black Friday and Cyber Monday.

Of those polled, 17% expect to shop online on Thanksgiving, while 51% will do shop on Black Friday and 48% will shop on Cyber Monday.

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