Bargain hunters could have a very merry holiday season.
Discounts are expected to hit an all-time high this year, as retailers attempt to lure shoppers in as the threat of a recession continues to grow. Adobe Analytics, in its online shopping forecast for the 2023 holidays, said it expects shoppers could see discounts of up to 35% off listed prices, with the biggest deals to be found on toys, electronics, and apparel.
Parents will be the happiest of shoppers, as those 35% discounts are expected on kids' items. Electronics will see prices drop by roughly 30% on select items (a notable bump from last year’s 25% discounts). And clothing items will be 25% cheaper.
“Despite an unpredictable economic environment, where consumers face several challenges including rising interest rates, we expect strong e-commerce growth this season on account of record discounts and flexible payment methods,” said Patrick Brown, vice president of growth marketing at Adobe.
The biggest discounts will come during Cyber Week (the shopping period including Thanksgiving, Black Friday, and Cyber Monday), says Adobe. If you’re in the market for a TV, Black Friday is the time to buy—and Saturday, Nov. 25, should have the best deals on computers. Toys will see their biggest price drops on Sunday, Nov. 26.
That said, it pays to shop early.
“While Cyber Week is expected to have the best deals, consumers will see bargains as early as the second week of October, where discounts are expected to be as high as 18%,” Adobe Analytics wrote. “Deals will also persist, with discounts as high as 20% in the days leading up to Cyber Week (Nov. 1 through Nov. 17), offering some flexibility to consumers looking to manage their budgets in new ways this year.”
While many are still worried about an economic downturn, those discounts could prove to be a sufficient enticement to spend. The forecast expects overall online holiday sales to hit $221.8 billion between Nov. 1 and Dec. 31. That’s a 4.8% increase over the 2022 holiday season, when consumers spent $211.7 billion online.
During Cyber Week alone, shoppers are expected to spend $37.2 billion.
