The holiday shopping season is off to a promising start, according to a Truist analyst. Adobe's data on 2023 holiday shopping trends reveals that online spending on Black Friday reached $9.8 billion, marking a 7.5% increase compared to last year. Thanksgiving Day spending also saw a significant jump of 5.5%, reaching $5.6 billion.
Youssef Squali, an analyst at Truist Securities, noted in a research note on Monday that these early indications from Adobe suggest a solid start to the season and anticipate a notable improvement from the 2022 holiday season. Despite historically high interest rates and inflation putting pressure on consumers, Squali expects sales to remain relatively strong.
One notable trend emerging this holiday season is the highly promotional environment, with various discounts and deals being offered to shoppers. Both Squali and Adobe Analytics anticipate that this positive spending momentum will continue on Cyber Monday. Adobe projects Cyber Monday sales to reach $12 billion, reflecting a 6.1% increase from the previous year.
Squali emphasized that healthy employment and income growth are contributing to increased spending during the holiday season. Overall, the outlook looks promising for retailers as consumers show a willingness to spend.
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