Thanksgiving Forecast To Reach $2 Billion In Black Friday Sales First Time - Updat

Posted: Nov 24 2016, 12:02pm CST | by , Updated: Nov 26 2016, 12:56am CST, in News | Latest Business News

 

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Thanksgiving Forecast to Reach $2 Billion in Black Friday Sales First Time
Credit: Adobe
 

Consumer online spending is seen to reach $2 Billion on Thanksgiving for the first time, setting a new record.

Thanksgiving has brought in $336 Million so far between Midnight and 11am ET according to Adobe. The anlyst arm of Adobe is forecasting Thanksgiving Day to hit $2 Billion in online revenue for the first time at 15.6% growth YoY.

Update: Adobe released new Thanksgiving and Black Friday 2016 sales numbers on Nov. 25. Thanksgiving Day 2016 online spending missed the $2 billion mark. Sales grew to $1.93 billion. Black Friday online spending demolished Thanksgiving by a margin of a Billion Dollars.

A record $820 million in sales expected via mobile devices. The average order value on iOS devices is $144, which outperforms Android devices with $119. 

"As people finish up their Thanksgiving Day meals, we’re expecting eager shoppers to jump online and snag the hottest products and best deals, especially as several physical locations will be closed today. Mobile will play a bigger role than ever before, allowing people to shop without ever having to leave the dinner table. As of this morning, mobile devices are currently driving 55% of visits to retail sites and 38% of online purchases for Thanksgiving Day, and we expect to see similar increases on days such as Black Friday and Cyber Monday. If retailers want to narrow the gap between visiting and seeing consumers check out, they will need to make sure that the shopping experience is optimized for small screens and personalized to individual tastes." says Becky Tasker, managing analyst, Adobe Digital Insights.

A high volume of shopping is expected in the afternoon and evening hours, with Adobe survey data showing that 50% of consumers plan to shop after 5pm on Thanksgiving. 

Thanksgiving Sales Highlights include: 

Early momentum: To date, the holiday season (Nov 1-23) has brought in $27.2 Billion online revenue at 4.28% YoY growth ($8 Billion via mobile). Yesterday (Nov 23) drove $1.57 Billion (19% YoY growth); $92 Million above forecast of $1.48 Billion.  22 out of 23 days this shopping season so far were Billion-dollar days.

Out-of-stock risk: Products are less likely to be out of stock than last year.  Out of stock notifications are at 6.4% vs. 11% last year.

Highest out of stock risk electronics: NES Classic Edition, New Nintendo 3DS Super Mario, PlayStation VR Launch Bundle.

Highest out of stock risk toys: Hatchimals, Speak Out Game, PJ Masks, Cozmo by Anki.

Mobile shopping: Mobile accounted for 55% visits and 38% purchases (in line with Adobe forecast: 59% visits / 41% sales). Conversion sits at 2.9% desktop, 3.2% tablet, 1.5% smartphone (compared to holiday season averages 3.2%, 2.9% and 1.3%, respectively). Average order value on iOS ($144) outperforming Android ($119).

Top selling products: iPads, Samsung 4K TVs and PlayStation 4 (electronics); Electric Scooters & Vehicles for Kids, Lego Dimensions, Shopkins (toys). 

Where to find deals: Shoppers should check emails this AM as share of sales increased to 15.7% (up from 15.0%); Search 35.2% (down from 40.0%); Shopper helper sites 20.7% (up from 16.0%); Display 2.3% and social 1.5% both saw upticks (from 0.2% and 0.8%, respectively), as shoppers hunt for best deals.  

Fried turkey leads social buzz (via 660k social mentions from Nov 1-23): 67% of consumers talking about fried turkey (second is “smoked” at 25%); Pumpkin pie wins in desserts (44% of the buzz), followed by sweet potato pie at 21%.

Consumer shopping survey findings: Adobe Digital Insights surveyed over 500 U.S. Consumers in mid-November.

30% of Thanksgiving Day shoppers will use a smartphone because they are on-the-go; 24% because they can shop online without it being noticed by family/friends. 

72% of consumers approve of Thanksgiving Day store closures; those 35+ most likely to approve (77%).

Adobe’s latest insights are based on aggregated and anonymous data from 21 billion visits to retail websites. Adobe’s retail reports offer the most comprehensive data compilation in the industry, measuring 80% of all online transactions from the top 100 U.S. retailers. $7.50 of every $10 spent with the top 500 retailers goes through Adobe Marketing Cloud.

The big Black Friday 2016 sales are live online at Amazon.com, Walmart.com, Target, Best Buy and Samsclub.com. Find all sales in this list of live Black Friday sales. The Black Friday Deals Tracker helps deal hunters to quickly find the Black Friday 2016 deals on sale right now online. New this year is the Amazon Black Friday 2016 Deals Tracker. The Amazon Black Friday 2016 sale is the biggest sale to find Black Friday deals.

The Top 100 Black Friday 2016 Deals show all deals that everybody is talking about this year. The list features the Black Friday deals that Black Friday deal hunters can be proud of to have scored when Black Friday is over.

Timing is everything in scoring the best Black Friday 2016. Check the Black Friday 2016 Deals Tracker on a regular basis. To not miss a Black Friday deal, sign up our Twitter feed, where we notify followers about every hot Black Friday deal.

There are several special Black Friday events coming up starting Friday Nov. 18 and ending when Cyber Monday sales begin. The Black Friday 2016 Online Sale schedule gives a quick overview which sales are coming up. The Black Friday 2016 Store Hour Schedule helps Black Friday shoppers to plan their trip to the mall. The store opening times are important to find when it is time to line-up for Black Friday doorbuster deals.

 

The big five Black Friday 2016 ads are released along with over 75 Black Friday 2016 Ads. Amazon, Walmart, Target and Best Buy published their highly anticipated Black Friday 2016 ads. We have compiled everything you need to know about Black Friday 2016 in our Black Friday 2016 guide. Read the latest Black Friday 2016 news.

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The Author

<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr () is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

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