US online sales are expected to hit $240.8 billion this holiday shopping season, representing a 8.4 per cent increase year on year, Adobe Analytics data shows.

Adobe’s data covers the upcoming peak shopping season from November 1 to December 31.

The Cyber Week, a five-day period including Thanksgiving, Black Friday and Cyber Monday, is forecast to contribute about $40.6 billion in online sales, up 7 per cent from last year. 

Cyber Monday will remain the season’s and year’s biggest shopping day, driving a record $13.2 billion (up 6.1 per cent). Online sales are expected to hit $10.8 billion on Black Friday (up 9.9 per cent) and $6.1 billion on Thanksgiving Day (up 8.7 per cent).

The data also finds that mobile device sales will contribute a record $128.1 billion, a growth of 12.8 per cent. This would represent a 53.2 per cent share of online spending this season.

The Buy Now, Pay Later payment method is expected to set new records this season, driving $18.5 billion in online spending and growing 11.4 per cent.

“The holiday shopping season has been reshaped in recent years, where consumers are making purchases earlier, driven by a stream of discounts that has allowed shoppers to manage their budgets in different ways,” said Vivek Pandya, lead analyst, Adobe Digital Insights. 

“These discounting patterns are driving material changes in shopping behavior, with certain consumers now trading up to goods that were previously higher-priced and propelling growth for US retailers.”