US online spending surges to $44.2 billion during holiday shopping
US shoppers spent $14.25 billion on Cyber last Monday, pushing total online sales over the Thanksgiving weekend to $44.2 billion, according to an Adobe Analytics report, as consumers lapped up offers on everything from gadgets to household essentials.
Spending rose 7.7 per cent during the so-called Cyber Week - the five days from Thanksgiving to Cyber Monday - compared with an 8.2 per cent increase to $41.1 billion last year, the report added.
The OECD raised its forecast outlook for several major economies in its latest outlook this morning.
At the beginning of the holidays, Adobe had projected online spending for the period this year to hit $43.7 billion, up 6.3 per cent from a year earlier.
"U.S. retailers leaned heavily on discounts this holiday season to drive online demand. Competitive and persistent deals throughout Cyber Week pushed consumers to shop earlier, creating an environment where Black Friday now challenges the dominance of Cyber Monday," said Vivek Pandya, lead analyst at Adobe Digital Insights.
US online spending on Black Friday hit a record $11.8 billion, according to Adobe, which tracks shopper visits to online retail websites.
Retailers, including Amazon.com (AMZN.O), opens new tab, Walmart (WMT.N), opens new tab and Target (TGT.N), opens new tab rolled out attractive discounts across categories to draw both affluent shoppers eager to splurge and budget-conscious consumers looking to stretch every dollar.
