If you thought last year’s holiday shopping season was crazy, hold on – there’s another record-breaking year expected, and it’s going to be a doozy.
The 2018 holiday shopping season is almost here, and according to Adobe Analytics’ forecast, the U.S. online sales will end the year at nearly $125 billion, increasing by 14.8 percent from last year’s record-breaking year.
Offline retail spending is expected to increase by a more “modest” 2.7 percent.
Cyber Monday is expected to shatter the previous record as the largest- and fastest-growing online shopping day of the year. Abode Analytics forecasts $7.7 billion in sales on Cyber Monday alone, which is 17.6 percent higher than last year.
If you were debating whether to jump into the Cyber Monday fanfare this year, wait no more. Abode Analytics even found the most prosperous hours of Cyber Monday.
Online sales between 7 p.m. and 10 p.m. Pacific time on Cyber Monday are expected to drive more revenue than the average full day – conversions may hit as high as 7.4 percent during these “golden hours” of online retail.
|What’s are your Cyber Monday golden hours?|
|Pacific time zone||7-10 p.m.|
|Mountain time zone||8-11 p.m.|
|Central time zone||9 p.m. to midnight|
|Eastern time zone||10 p.m. to midnight|
Additionally, there’s an extra calendar day between Cyber Monday and Christmas Day this year, and that one extra day will give retailers an estimated $284 million boost in sales.
Other key takeaways include:
- $1 of every $5 spent online this holiday season will be spent between Thanksgiving and Cyber Monday, which is forecast to generate $23.4 billion or 19 percent of total sales
- Consumers expect to spend 57 percent of their holiday budget online this year, compared to 55 percent last year
- Retailers with both an online and physical presence will see the largest jump this holiday season and 28 percent more conversions online than online-only retailers
- More people are reporting they won’t shop in stores on Thanksgiving Day (60 percent) compared to 40 percent in 2016
- Social referral traffic is expected to wane this year, generating 11 percent less revenue per visitor than in 2016
- Customers acquired during the holiday season aren’t just seasonal. They’re expected to have the same long-term value as customers acquired throughout the rest of the year.