The good news? Consumers who shop online are going to see record-breaking discounts this holiday season as retailers vying for their dollars offer up to 35% off listed prices, according to Adobe Analytics projections reported by CNN Business.
Adobe’s estimates suggest that holiday sales will spike nearly 5% over last year as consumers fill their digital shopping carts and spend $221.8 billion on online shopping alone between November 1 and the year’s end — beating the 3.5% growth in 2022.
Despite the discounts online, Adobe found that people will rely on Buy Now, Pay Later plans to fund their purchases more than ever before: It’s expected to account for $17 billion in online spending, a 17% increase from 2022.
Buy Now, Pay Later, available with a “cursory credit check” even to those who don’t qualify for traditional credit cards, is increasingly popular, particularly during the holiday season — and regulators are concerned about the lack of consumer protections and the tendency for people to spend more than they can actually pay, The New York Times reported.
Online discounts will be the most significant across toys (up to 35% off), electronics (up to 30% off), apparel (up to 25% off), sporting goods (up to 24% off) and TVs (up to 22% off), per the company’s data.