Walmart and Amazon Lead Charge as Holiday Sales Soar to Record Highs

As the holiday season approaches, American shoppers are in for a treat. Retailers such as Walmart (WMT) and Amazon (AMZN) are slashing prices by up to 21%, making it an attractive time for consumers to splurge. According to Adobe's online shopping forecast, U.S. online sales will hit a record-breaking $275.1 billion this holiday season, up 6.7% year-over-year.

Cyber Week, the five-day period between Thanksgiving and Cyber Monday, is expected to drive $47.5 billion in online sales, representing 17.3% of the full holiday season spend. Cyber Monday on November 30 is projected to set a new milestone for U.S. e-commerce, with consumers spending over $15 billion online in a single day.

The second biggest day of the season will be Black Friday, which is expected to drive $12.9 billion in sales, up 9.2% year-over-year. Thanksgiving is also set to see a significant increase in online sales, driven by impulse shopping and bolstered by discounts on electronics, clothing, and other categories.