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BizReport : Ecommerce : November 09, 2020

Forecast: Spending to top $189b for 2020 holidays

The day after the US election, consumers went shopping. That is a key takeaway from a new Adobe Analytics forecast which notes that retail sites saw a surge of visits - more than 1 trillion - to US retail sites the day after the election.

by Kristina Knight

This is a change from the day after the 2016 election when retail sites did see a post-election surge. This year, Adobe notes that consumers spent $1.98 billion in online purchases, and that on election day, they spent $2 billion. This could ease some merchants' fears that the overall holiday shopping season will be a dismal one because of pandemic fears and issues.

Year-over-Year numbers show a 29% increase in ecommerce sales between November 1 and November 4, and they are projecting an overall election week digital spend of $16 billion.

"Online shopping remained relatively stable on election day as many consumers hit the polls. However, previous election cycles have shown that online growth tends to drop most notably on the day after the election. Once a clearer picture of the election emerges in the coming days, we expect to see holiday shopping pick back up shortly after," said Taylor Schreiner, Director, Adobe Digital Insights

More insights from Adobe can be accessed here.

Meanwhile, data out from Cardlytics shows that overall spending is nearing pre-pandemic levels. Their latest data shows that apparel spending has increased to be only about 12% under last year's numbers for in-store, but that digital spending has continued to show growth. According to their experts, the overall beauty spend was up 17.9% YoY, compared to a near-20% decrease in-stores, and that online grocery spending was up 93% YoY.

More Cardlytics data can be accessed here.

Tags: 2020 holiday shopping, Adobe Analytics, Cardlytics, ecommerce, ecommerce trends, post-election shopping, retail trends

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