Online sales notch $2B on Election Day: Adobe Analytics
But sales may slip in the coming days by $300M, expert says
Widespread anxiety over who would win the 2020 presidential election and lead the nation through a time of turmoil didn't stop consumers from filling their virtual shopping carts around Election Day.
According to Adobe Analytics' latest figures, the high stakes of the election, and the anxiety that accompanied it, had "a muted impact on online shopping activities" with consumers spending upward of $2 billion Tuesday. This marked a nearly 30% increase compared to a year ago.
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"Online shopping remained relatively stable on Election Day as many consumers hit the polls," Adobe Digital Insights director Taylor Schreiner said while also cautioning that this figure may not hold up throughout the week.
However, shoppers were just as eager to shop the day before the election with U.S. consumers collectively spending $2.2 billion Monday, a 31% increase from 2019.
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During the first three days of the month, online sales surged 35.4% alone, notching $6.5 billion. Up until Nov. 7, online sales are projected to reach a total of $16 billion, according to Adobe.
However, if this year mirrors that of past elections, Schreiner cautioned that sales may slip in the coming days by $300 million, effectively dipping below the $2 billion figure.
"Previous election cycles have shown that online growth tends to drop most notably on the day after the election," Schreiner added.
ONLINE HOLIDAY SHOPPING SALES EXPECTED TO 'SHATTER' RECORDS, ADOBE ANALYSIS PREDICTS
Overall, daily sales throughout the majority of the season are expected to stay above the $2 billion mark, with Adobe further estimating that consumers will collectively spend over $3 billion from Nov. 22 to Dec 3.
To better gauge consumer habits in the coming days, Adobe asked over 1,000 U.S. consumers how the election results would impact their spending.
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Although 26% said the outcome will impact their holiday spending, retailers remain optimistic.
About 63% of retailers project consumers will be more confident in spending after the election is over, according to Adobe.
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This is in line with Adobe's prediction that holiday sales will pick up shortly after a "clearer picture of the election emerges," Schreiner said.
Overall, Adobe Analytics data suggests that U.S. online holiday sales from Nov. 1-Dec. 31 will total $189 billion, up 33% compared to a year ago.