(Bloomberg) -- E-commerce spending by U.S. consumers on Thanksgiving Day will probably climb to a record as more retailers close their physical stores for the holiday, forcing shoppers online.
Adobe Analytics estimated consumers will spend $5.1 billion to $5.4 billion online Thursday, it said in an emailed statement. It lowered its top estimate from $5.9 billion.
Shoppers have spent at a pace of at least $3.5 million per minute, Adobe said, with $2.3 billion of online spending reached as of 3 p.m. New York time.
Online Spending Has Surged 20% This Month in U.S., Adobe Says
Electronics and apparel are among the popular categories, Adobe said, with online purchases of electronics nearly doubling since September. Top products include video game Just Dance, Oculus Quest virtual reality headset, Rainbow High Dolls, Rainbocorns, Apple Inc.’s iPads and watches and Nintendo Switch, it added.
The U.S. retail industry is entering the busiest shopping season of the year with the inflation rate at a three-decade high and supply-chain disruptions translating into delays and disappointed customers.
“In the midst of a holiday shopping season characterized by inflation, weaker discounts, and wide-spread product shortages, it’s noteworthy that U.S. online spending has already racked up over $75 billion to date in November,” Taylor Schreiner, director at Adobe Digital Insights, said in the statement.
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