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2020 online shopping sales are expected to total $189 billion: Adobe Report

On Wednesday, Adobe released a new report that provides a closer look at what the 2020 holiday shopping season may look like. Yahoo Finance's Alexis Christoforous and Brian Sozzi break down the detials, including major boom in online and smartphone sales for many large and small retailers.

Video Transcript

ALEXIS CHRISTOFOROUS: All right, Adobe is giving us a closer look at what the 2020 holiday shopping season may look like in a new report out this morning, and Brian Sozzi had an opportunity to sift through that report. And, Brian, what are-- what are they saying is going to be driving sales? You're looking pretty good sales here, which was a surprise to me, for the holiday season.

BRIAN SOZZI: Yeah, Alexis, I have a deeper story that just hit on Yahoo Finance now, but the top line takeaways are this. Adobe Analytics predicts US online holiday sales will hit a record of $189 billion, up 33% year over year. If lawmakers, if bumbling lawmakers, could just get off their soapbox and pass a stimulus, online sales could increase another $11 billion. That would represent a 47% year over year increase if there was a stimulus plan.

But, Alexis, I do want to scroll down a little bit here to this press release. 26% of those people surveyed by Adobe said they are-- how they spend this holiday season will change depending on the election outcome. And they offer a good stat, Adobe. Online sales fell 14% after the 2016 election, so there is precedent here. If consumers are worried how this turns out, they could pull back quickly, you know, for the holiday season.

ALEXIS CHRISTOFOROUS: Now I know you spoke with Walmart CEO during our All Market Summit this week, and you asked him about expectations for holiday sales. Was he very optimistic?

BRIAN SOZZI: What you're hearing, Alexis, is this muted optimism. Retailer-- retail CEOs are always optimistic. That's their gig, especially around the holiday season. So Walmart CEO Doug McMillon said he expects, quote, a "good" holiday shopping season. Keep in mind, this is also what you and I heard yesterday from Hasbro CEO Brian Goldner, and Goldner has reason to be optimistic. You know, their point-of-sale sales in October were up or are running up close to 20%. Those are big gains with no stimulus and given the ongoing uncertainty regarding COVID-19.

ALEXIS CHRISTOFOROUS: Yeah, you know yesterday we talked with The Conference Board about consumer confidence. It actually dipped, so it's hard to believe people are going to go out and spend with gusto if they're not feeling that great about their own finances and the stock market. But to be seen. All right, Brian, thanks a lot.