Online Holiday Spend by Year
NO. 18 | CHART FOR THOUGHT
- Americans spent a record $240 billion dollars online shopping this holiday season, nearly double the amount spent in 2018, reflecting the rise in e-commerce in recent years.
- Despite the steady year-over-year growth of online shopping during the holiday season, the amount spent online during Thanksgiving weekend, which includes Black Friday and Cyber Monday, has not experienced the same growth rate, with billions spent online during the week staying around the mid-30s for the past several years. Black Friday and Cyber Monday are no longer the “doorbuster” events they once were, as retailers have started to drop prices earlier and for longer periods in response to consumer preferences.
- Retail analysts predicted that consumers would start holiday shopping earlier this season as many retailers began holiday sales as early as October. With consumers’ concerns over inflation and supply chain challenges, shoppers weren’t waiting until Thanksgiving weekend, or even the holiday season, to start shopping for deals. Notably, Amazon had its first October Prime Day, the first time the company has had two Prime Days in one year.
- The growth of e-commerce was further accelerated by the effects of the pandemic, with 2020 seeing an over 30 percent increase in e-commerce sales from the year prior. As e-commerce spending continues to grow each year, the demand for industrial real estate increases, while brick-and-mortar retail is forced to adapt.
Note: Holiday season is November 1st to December 31st.