10/10/2022, 2:30 PM (Source: TeleTrader)
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Adobe expects record $11.2B in spending for Cyber Monday

Adobe Inc. expects US online holiday sales to hit $209.7 billion from November 1 to December 31, while only Cyber Monday will reach a record $11.2 billion in spending, the company said Monday in its latest online shopping forecast for the 2022 holiday season.

"Cyber Monday is expected to remain the season's and year's biggest shopping day, driving a record $11.2 billion in spending, increasing 5.1% YoY. By comparison, Black Friday online sales are projected to grow by just 1% YoY at $9 billion, while Thanksgiving sales are set to fall to $5.1 billion, down 1% YoY," read the report.

On the other hand, Adobe expects electronics to boost online spending by $49.8 billion, up 2.9% year-over-year. For apparel, shoppers are projected to spend $40.7 billion online this season. The 6.7% year-over-year decline reflects consumers' growing appetite for physical stores as concerns about the pandemic decline.

Baha Breaking News (BBN) / JG