US online holiday spending reached a record 257.8 billion despite growth slowing to 6.8%, Adobe Analytics said Wednesday, signaling consumer resilience amid economic headwinds.
The deceleration from 2024’s 8.7% growth rate suggests retailers may face margin pressure as promotional activity intensifies to maintain sales momentum.
Key Takeaways
- Holiday online spending grew 6.8% to record 257.8 billion
- Growth slowed from 8.7% in previous holiday season
- Record 10 days saw over 5 billion daily spending
Market Context & Performance
The 257.8 billion in online sales from November 1 through December 31 exceeded Adobe’s initial forecast of 253.4 billion 1. This represents a 16.4 billion increase over the previous year’s holiday season.
The slower growth rate aligns with broader retail trends showing consumers becoming more selective with discretionary spending. Total holiday retail sales, including in-store purchases, were expected to reach 13.1 billion according to the National Retail Federation, up about 13% year-over-year 2.
Consumer Behavior Shifts
A record 10 days saw consumers spend over 5 billion in a single day, up from seven such days during the 2024 holiday season 3. Thanksgiving Day alone generated 6.4 billion in online spending, marking a 5.3% increase from the previous year 4.
Cyber Monday spending reached 9.1 billion through 6:30 p.m. ET, representing a 4.5% increase from the prior year 5. The concentrated spending pattern suggests consumers are becoming more strategic about timing their purchases around major promotional events.
Discount Strategy Impact
Steep discounts drove much of the record spending, particularly on Thanksgiving Day where promotional activity helped boost consumer engagement 6. The reliance on deeper discounts indicates retailers faced pressure to stimulate demand in a more cautious spending environment.
Adobe’s data tracks transactions from major retailers representing roughly 85% of all US online transactions, making it a key barometer for e-commerce performance during peak shopping periods.
Industry Implications
The growth deceleration suggests e-commerce may be maturing after years of rapid expansion accelerated by the pandemic. Retailers will likely need to focus on operational efficiency and customer retention strategies rather than relying solely on market expansion for growth.
The concentration of spending on promotional days also highlights the importance of inventory management and supply chain optimization for retailers competing in the digital marketplace.
Looking Forward
While the holiday season delivered record absolute spending levels, the slower growth trajectory may signal a normalization of online shopping patterns. Investors should monitor whether this trend continues into 2026 as economic uncertainty persists.
Not investment advice. For informational purposes only.
References
1“2025 Holiday Shopping Statistics, Trends & Insights”. Adobe. Retrieved January 7, 2026.
2“What shaped retail’s holiday season in 2025”. Retail Dive. Retrieved January 7, 2026.
3“Adobe: U.S. online holiday sales to hit new record of 253B”. Chain Store Age. Retrieved January 7, 2026.
4“Steep discounts help drive record Thanksgiving Day online spending”. Fox Business. Retrieved January 7, 2026.
5“US holiday shoppers shake off economic blues for online spending”. Reuters. Retrieved January 7, 2026.
6“What did holiday shopping reveal about the US economy?”. Everett Post. Retrieved January 7, 2026.