Customers looking for discounts to finish their Thanksgiving and Christmas shopping lists are on track to break the previous Cyber Monday sales record. This is because both demand and prices have gone up.
Adobe (NASDAQ:ADBE) says that shoppers will spend between $11.2 billion and $11.6 billion on Cyber Monday. This would make it the biggest day for online shopping this year and ever. The $9.12 billion in online spending on Black Friday, the $5.29 billion on Thanksgiving, and the anticipated Cyber Monday sales, according to Adobe, come after those.
Adobe Stock Outlook
Comparatively, according to Adobe (NASDAQ:ADBE), $10.7 billion in purchases were made on Cyber Monday in 2016 Vivek Pandya, the principal analyst for Adobe Digital Insights, says that there is a lot of spending momentum leading up to Cyber Monday. He says that this is because customers are more active over the weekend and stores offer big sales.
According to Adobe (NASDAQ:ADBE), which showed some of the most interesting parts of its Cyber Monday data, toy sales online went up a lot over the weekend, with an average daily increase of 383% over October. Over the average daily price for October, jewelry went up by 230%, sports goods went up by 239%, and clothes went up by 217%. These were some of the other prominent growth sectors.
Consumers have been very willing to use buy-now, pay-later options, which grew 68% from a year ago during the week of November 21–27, and mobile shopping on their phones, which made up 52% of online orders over the weekend, according to Adobe (NASDAQ:ADBE).
Adobe said that toys will be 33% cheaper, TVs will be 15% cheaper, and PCs will be 27% cheaper than their quoted prices. If you’re looking for deals on Cyber Monday, it’s best to focus on these items. As for Adobe (ADBE), the stock price of the company has fallen more than 40% so far this year. Shares of Adobe fell into the red on Monday.
Figma and a Tech Selloff Were It’s Only Drags
About halfway through September, the company said it would spend $20 billion to buy Figma, which is a platform for collaborative design. Even though the US Department of Justice seems to be doing an antitrust investigation, the deal is expected to go through the following year. Shares of the provider of video and photo editing software were severely damaged. Even though the US Department of Justice seems to be doing an antitrust investigation, the deal is expected to go through the following year.
In October, the stock started to go up. This was helped by a mostly optimistic prediction for 2023, which CEO Shantanu Narayen said was due to “a significant market opportunity that will fuel Adobe’s growth over the next decade.”
This year, Adobe stock performance has essentially mirrored that of other well-known tech companies. Although it has increased by around 6% over the previous 30 days, Adobe’s stock has fallen by about 50% from its 52-week high, which it hit on November 22 of last year at $699.54, and by 43% for the year as a whole. The S&P 500’s future losses are now projected to be 18%. On September 27, just two weeks after announcing the Figma partnership, ADBE had a 52-week low.
Featured Image: Unsplash @ Rubaitul Azad
Author Jowi Kwasu 
