E-Commerce M&A is surging: E-Commerce sector M&A activity rose +12.8% YoY in 2025, to 97 transactions, posting the best year since 2021. Meanwhile, the 2025 holiday season, November 1st to December 31st, saw dollars spent online jump +6.8% YoY to a record $257.8 billion. Even as consumer savings have dwindled, E-Commerce sales continue to post records. How is this possible? Americans spent a record $20 billion on "Buy Now, Pay Later" services in the holiday season alone. Despite inflation and rising debt levels, consumers simply keep on spending. Keep watching E-Commerce.(The Kobeissi Letter)