U.S. Holiday Spending Set for Record-Breaking Surge Despite Economic Headwinds
Despite economic headwinds, including persistent inflation and rising interest rates, holiday spending in the U.S. is forecast to rise this year.
Data compiled by Adobe Analytics predicts that online holiday spending will increase by 6.7% from 2022 levels and reach a record high of $275.1 billion.
The majority of this total, $47.5 billion, is expected to be spent during Cyber Week, representing 17.3% of the total spending this holiday season.
Adobe believes that discounts on electronics, clothing, and appliances will drive spending this year.
Leading retailers such as Amazon (AMZN), Walmart (WMT), and Target (TGT) are expected to benefit from the increased spending.
Credit card issuers like American Express (AXP) and consumer electronics companies whose gadgets are in high demand, such as Apple (AAPL) and Meta Platforms (META), will also see gains.