Adobe Analytics predicts online sales will grow 5.3% this holiday season, down from 8.7% last year, as consumers turn to deal days and buy now, pay later (BNPL) apps to fuel their spending in an uncertain economic climate.

One of the biggest upticks from last year is in the concentration of spending around sales events. The five-day period including Thanksgiving, Black Friday, and Cyber Monday are expected to drive nearly one-fifth of sales (17.2%), up from 6.3% last year.

Yet the focus on deal days comes even as retailers hold steady on discount rates—and many consumers look for more than just the lowest price.

Adobe expects retailers to offer up to 28% off listed price, which is comparable to last year’s rate. At the same time, consumers appear ready to trade up this year, with the e

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