Despite macro headwinds, the fashion and apparel industry continues to witness stable demand. According to Adobe, online shoppers spent a record $5.29 billion on Thanksgiving 2022, an increase of 2.9% year over year. They spent most on toys, apparel, grills, and outdoor equipment. “What we are seeing is the discounts being strong enough to entice consumers to continue to spend,” Vivek Pandya, lead analyst at Adobe, said.
This momentum is expected to extend into the winter holidays. The National Retail Federation projects holiday sales will increase by up to 8% this year.
