Online holiday spending to increase by double digits over last year
Black Friday and Cyber-week promotions will be paramount in driving this online holiday spending even higher than last year.
Digital holiday sales are expected to increase by 14% from last season, growing from $133 billion in 2017 to $151 billion in 2018. Many of these sales will happen early in the season, and will be largely driven by promotions, according to early findings from Forrester Research’s holiday retail forecast.
According to data, more than one-third of the year’s e-commerce sales will stem from the holiday season. In addition, online holiday retail sales will account for over 32% of total United States e-commerce sales in 2018.
During this time, U.S. online shoppers are expected to spend an average of $785 each, which is 11% more than the 2017 holiday season.
“In the U.S., e-commerce during the months of November and December will account for 20% of overall retail sales. This is a higher concentration of online penetration compared to the other 10 months of the year,” Forrester’s principal analyst Sucharita Kodali said during Forrester’s podcast, Retailers, Don’t Give Customers “Socks” This Holiday Season.”
To grab this wallet share early, many companies will offer more Cyber-week and Black Friday promotions.
“Interestingly, only one-third of holiday sales will happen in December, while two-thirds will happen in November,” she added. “That is an amazing statistic as these sales will push much activity, and have conditioned shoppers to behave very differently. A lot of that shopping is shopping for self. These might be big purchases you have had an eye on, and you want to make sure you’re getting the most value for your money.”
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