Online sales during the crucial U.S. holiday season are expected to rise 4.8% from a year earlier as retailers go all out to woo inflation-hit consumers with even bigger discounts and promotions, a report from Adobe Analytics showed Thursday.
The sales are also expected to grow at a much faster pace and hit $221.8 billion for the period between Nov. 1 and Dec. 31 which includes some of the biggest shopping days such as Cyber Monday, Thanksgiving and Black Friday. That compares with $211.7 billion a year earlier.
Last month, Mastercard's SpendingPulse report forecast a 6.7% rise in online sales during the holiday season. With Amazon.com hosting its second Prime Day sale in October, holiday shopping is expected to start as early as this month. Americans have been keeping a tight lid on their non-essential spending in the past two years as they feel the pinch of inflation.
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