Holiday spending: Millions will still spend despite being in debt, expert says
Geltrude & Company founder Dan Geltrude encourages people to ‘stay away from credit cards’ this holiday season. Gertrude says cash and debit cards are better options when it comes to spending.
U.S. online shopping, which was projected to hit record spending highs during the holiday season, has already surpassed $400 million on Thanksgiving Day alone.
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As of 10 a.m. on Thanksgiving, the online sales have amassed to $470 million, which represents a 14.5 percent growth from last year, according to data from Adobe Analytics. Analysts, who suggested the strong profits are due in part to an earlier shopping season, are forecasting that amount to swell to roughly $4.2 billion by the end of Thanksgiving Day.
“Steep discounts on popular items like computers on the day before Thanksgiving indicate that many of the season’s best deals are already up for grabs. This has led to significant growth in online sales so far," said Jason Woosley, vice president of commerce product and platform at Adobe. "What will be important for retailers to track is whether the early discounts will drive continued retail growth overall, or if they have induced consumers to spend their holiday budgets earlier."