Consumers are spending, and they’re spending at a record pace online, according to the earliest returns from Adobe Analytics. In what’s already expected to be another strong growth year for retail, the firm’s data show that Thanksgiving is on pace to be one of the fastest growing retail days in online shopping history. So, needless to say, Black Friday 2018 is off to an incredible start.
As of around dinner time (5 p.m.) on Thursday, Adobe Analytics data had tracked roughly $1.75 billion in online spending, which represented a 28.6 percent growth, year-over-year. Based on that strong growth rate, Adobe upped their expected Thanksgiving Day sales figure to a record $3.7 billion in online retail sales—up 29 percent from 2017. And, as a result of that growth, the firm upped their November 1-22 expected spend to $38 billion, or an 18.6 percent growth year-over-year. Incredibly, all 22 days of the month have seen sales surpass $1 billion, with two of those days (not counting Thanksgiving Day) surpassing $2 billion.
Adobe Analytics found that smartphones drove a record amount of traffic on Thanksgiving Day. At the time of their report on Thursday, smartphones accounted for 54.4 percent of all traffic to retail websites, up more than 8 percent over last year. That figure resulted in a decline for both desktop and tablet traffic to retail websites (36.5 percent and 9.1 percent, respectively). However, from a revenue perspective, desktop still dominates, bringing in 52.8 percent of all sales, compared to 36.7 percent for smartphones and 10.5 percent for tablets.