Online shoppers are expected to break a Thanksgiving Day spending record this holiday season, shelling out over $4 billion.
A total of $2.1 billion was spent as of 5 p.m. Eastern Time on Thursday, which is a 20.2% gain over the same time a year ago, according to the latest holiday shopping figures from Adobe’s ADBE, +0.38% online marketing and web analytics group Adobe Analytics. By the end of Thanksgiving Day, shoppers are expected to have spent $4.4 billion.
Once again, most of the spending is stemming from mobile devices, with 46.4% of sales made on smartphones as of 5 p.m. ET, versus 33.5% last year. And consumers were browsing via their devices more, with 63.4% of visits coming from smartphones, versus 56.6% in the season to date.
Adobe expects total holiday spending through Thursday of $5.7 billion, a gain of 16.4% over the prior year. While one in five consumers were expected to shop on their smartphones over Thanksgiving, one in four were expected to visit physical stores.
Holiday shoppers spent $50.1 billion between Nov. 1 and Nov. 26, Adobe reported earlier this week. That’s despite concerns that fears of an economic recession could derail the end-of-the-year shopping season.
Adobe expects $7.5 billion in spending — a 20.5% gain over the past year — for Black Friday and $9.4 billion in sales — a 19.1% increase — for Cyber Monday, with a full-season forecast of $143.7 billion. The promotional event Black Friday falls on the first day after Thanksgiving and marks the start of the holiday shopping season. Cyber Monday falls on the first Monday after that holiday.
Among the hottest toys this year are “Frozen 2” dolls and other toys from the sequel to the Disney DIS, -0.11% animated hit, said Adobe. Top electronics include Amazon’s AMZN, +1.20% streaming media player, Fire TV, and Alphabet-owned Google’s GOOGL, -0.07% rival device — Chromecast. Also popular are air fryers, a trendy kitchen appliance that cooks by circulating hot air around food.