: Consumers pull back on online shopping. Here are the biggest discounts this holiday season — and exactly when to buy them.

by | Oct 10, 2022 | Stock Market

American consumers are tightening their purse strings this holiday season. Online holiday sales are expected to rise by just 2.5% to $209.7 billion this year, the slowest rate of growth since 2012, according to data released Monday by Adobe
the software and market-research company.

To put that in context: Last year, online holiday spending rose by 8.6%. Consumers are uncertain about returning to physical stores due to lingering public-health concerns due to COVID-19, experts said, and hurting due to record-high inflation. “The shape of the holiday season will look different this year, with early discounting in October pulling up spend that would have occurred around Cyber Week,” Patrick Brown, vice president of growth marketing and insights at Adobe, said. Despite predictions of single-digit growth online this season, consumers have already spent over $590 billion online this year between January and August, up 8.9% year-on-year, showing the “resiliency” of online sales, he added. Adobe’s consumer-spending analysis covers over 1 trillion visits to U.S. retail sites, 100 million stock-keeping units, and 18 product categories. The report covers the 2022 holiday season, from Nov. 1 through Dec. 31, 2022. Americans are expected to spend earlier this year, and take advantage of Amazon’s
second Prime Day (Oct. 11-12), Brown said. During the first Prime Day event in July, consumers spent $73.7 billion, up 21% on the year.What’s on sale Brown said the data suggests record-high discounts this holiday season — up to 32% or more in some cases — as retailers attempt to unload their inventory in the face of weaker consumer spending. Discounts for computers are expected to reach 32% (up from 10% in 2021), electronics discoun …

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