Online Holiday Sales Could Shatter All Previous Records: Adobe Analytics

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Online shopping for this year's holiday season could shatter all previous records.

Adobe Analytics is predicting that online holiday sales from Nov. 1 to Dec. 31 will total $189 billion, which is a 33% year-over-year increase, equal to two years’ growth in one season.

In addition to this, Adobe also says that the spending might surpass a total of $200 billion under two conditions. 

First, if the lawmakers in Washington D.C. agree on a new stimulus package with a second round of stimulus check. Second, if the physical stores in large cities shut down due to a second wave of the coronavirus.

Recent government data shows that majority of the people spend their stimulus income on expenses

Adobe's prediction also brings good news for smartphone makers like Apple  (AAPL) - Get Report. It predicts that people will spend $28.1 billion more on their smartphones than last year.

The iPhone-maker unveiled its 5G-capable iPhone 12 this month and the company is expected to report its earnings on Thursday.

Adobe also predicts that both small and large retailers will see a big boost in their revenue. However, big retailers will continue dominating the online sales with 55% year-to-year growth versus 8% for small retailers.

It’s worth noting that online retail giants like Amazon AMZN are making unprecedented income amidst the coronavirus pandemic. 

The company is also on a hiring spree. On Tuesday, Amazon said that it's hiring 100,000 workers for holiday season across the U.S. and Canada.

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