US Thanksgiving spending to set record as shoppers move online

Shoppers have reportedly spent at a pace of at least US$3.5 million per minute.
Shoppers have reportedly spent at a pace of at least US$3.5 million (S$4.8 million) per minute.PHOTO: AFP

NEW YORK (BLOOMBERG) - E-commerce spending by US consumers on Thanksgiving Day will probably climb to a record as more retailers close their physical stores for the holiday, forcing shoppers online.

Adobe Analytics estimated that consumers will spend US$5.1 billion (S$7 billion) to US$5.4 billion online on Thursday (Nov 25), it said in an e-mailed statement. It lowered its top estimate from US$5.9 billion.

Shoppers have spent at a pace of at least US$3.5 million per minute, Adobe said, with US$2.3 billion of online spending reached as at 3pm New York time.

Electronics and apparel are among the popular categories, Adobe said, with online purchases of electronics nearly doubling since September. Top products include video game Just Dance, Oculus Quest virtual reality headset, Rainbow High Dolls, Rainbocorns, Apple's iPads and watches, and Nintendo Switch, it added.

The United States retail industry is entering the busiest shopping season of the year with the inflation rate at a three-decade high and supply chain disruptions translating into delays and disappointed customers.

"In the midst of a holiday shopping season characterised by inflation, weaker discounts and widespread product shortages, it's noteworthy that US online spending has already racked up over US$75 billion to date in November," Adobe Digital Insights director Taylor Schreiner said.