Ecommerce up nearly 50% YoY
Because of the higher than usual shopping averages, Adobe is predicting that the ecommerce spend for the holiday season will now reach at least $184 billion, a 30% YoY increase. Adobe’s data further shows the importance of free shipping options, with more than half of orders placed between November 1 and December 4 taking advantage of free shipping offers. Researchers also note a significant increase (88% YoY) in people choosing to buy online but pickup at stores, either via customer service counters or at curbside.
Of course, the increase in purchases online means a decline in purchases in-store. According to data out from OnBuy, physical stores have seen a 16% decrease in in-store sales while online has skyrocketed. Big box retailers including Target and Walmart report record digital sales.
According to the National Retail Federation, people plan to spend about $650 on gifts and $230 on non-gift items like food or decorations for the 2020 holiday season. Overall, NRF experts believe the 2020 holiday spend will see between 3% and 5% growth YoY.
“Consumers have shown they are excited about the holidays and are willing to spend on gifts that lift the spirits of family and friends after such a challenging year. We expect a strong finish to the holiday season, and will continue to work with municipal and state officials to keep retailers open and the economy moving forward at this critical time,” said Matthew Shay, President & CEO, NRF.