Insights

Holiday spending sets new record $222.1 Billon spent online: report

The 2023 holiday season has set a new benchmark in e-commerce spending, with Adobe Analytics revealing a significant surge in online consumer expenditure.

Published: Jan 4, 2024 4:10 PM

By Jeanel Alvarado

Insights

Add RETAILBOSS as Preferred Source

Insights

Holiday spending sets new record $222.1 Billon spent online: report

Brunette shopping online with laptop on white background

The 2023 holiday season has set a new benchmark in e-commerce spending, with Adobe Analytics revealing a significant surge in online consumer expenditure. As the digital marketplace continues to expand, this year’s statistics offer valuable insights into current consumer trends and the evolving landscape of online retail.

According to Adobe Analytics 2023 holiday shopping report, online spending reached an unprecedented $222.1 billion, marking a 4.9% increase from the previous year. This growth is indicative of a robust e-commerce sector that continues to thrive despite economic uncertainties.

A key driver of this year’s record-breaking figures was the strategic use of discounts by retailers, which reached all-time highs across various categories, including electronics, toys, and apparel. These enticing offers played a crucial role in boosting consumer spending during the holiday season.

Another notable trend observed by Adobe Analytics is the rise in popularity of Buy Now, Pay Later (BNPL) services. Over the holiday season, consumers spent $16.6 billion through BNPL platforms, a 14% jump from last year and the highest recorded to date.

Throughout 2023, BNPL transactions amounted to $75 billion, up 14.3% from 2022, signaling a shift in consumer payment preferences. Cyber Monday emerged as a standout day for BNPL usage, with purchases spiking by 42.5% from the previous year to $940 million, setting a new single-day record…

Members-only article

Unlock the rest of this story

Join free to keep reading RETAILBOSS insights coverage, industry analysis, and market intelligence.

Continue with Google

Company

Password

Send me RETAILBOSS daily newsletter via Substack. I can unsubscribe anytime. Confirm that I want to create a RETAILBOSS account.

Free access. No credit card required. Your account is created after you verify your email.

RetailBoss is an independent global news publication and business insights platform built for executives, founders, operators, analysts, marketers, investors, and brand leaders. Our reporting covers the retail shifts across luxury, fashion, beauty, technology and marketing strategy.

Since: 2011
Audience: 50 Million+
Coverage: Global Markets

Our editorial stance

We prioritize news value, evidence, attribution, and practical relevance to retail decision-makers. Sponsored work is identified, and editorial coverage is kept distinct from commercial partnerships.