Adobe Projects $275.1B US Online Holiday Sales, Nov 1–Dec 31

The headline figure matters less than the channel shift it implies: Adobe's projection frames online as the growth engine of a holiday season whose total retail picture it does not describe, so the record is really a statement about where spending migrates, not how much is spent. That distinction shapes anyone exposed to payments, logistics and retail media, where volumes follow the digital basket. Whether the projection holds against actual promotional intensity is the open question.