What Is Driving Record Consumer Spending This Holiday Season

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This holiday season has already seen record holiday spending.

TheStreet sat down with Colin Morris, director of Adobe Analytics. 

Adobe Analytics is already reporting that consumer spending, so far, has a year-over-year growth of $50 billion between Nov. 1 and Nov. 26. 

In fact, it believes that we could see a record spending number of over $143 billion spent throughout November and December. 

Black Friday could see sales of $7.5 billion, a 20% growth year-over-year. And Cyber Monday could see sales top $9.4 billion, nearly 20% growth year-over-year. 

But, what does Morris think about the consumer this season?

Yeah, and in fact, while we still think that [the consumer will spend over $143 billion] is going to be accurate, we're starting to see a 15% year over year growth, which is higher than the 14.1 we expected earlier this year," he said.

But, with some market pundits still worrying about a recession, why isn't the consumer worried?

"I think there are a few things happening. It's a shorter holiday season and lots of retailers are basically adding options for discounts further earlier in the season, basically starting in November. So we've already seen discounts for televisions up to 17% that we weren't expecting until Cyber Monday in general. So there's a lot of options that retailers have to be able to provide a lot more shopping experiences early on," said Morris.

Aside from consumer spending, how are merchandise from big Disney (DIS) - Get Report franchises, such as The Mandalorian and Frozen 2 help toy sales this year?

"Well, I think one of the big trends we've seen thus far is the immense growth and launch of Disney Plus. So millions of subscribers, phenomenal growth over the first two weeks was sure to drive sales of a lot of the associated toys there," he said. 

Watch the full video for more on consumer spending.