RAPAPORT... US consumers spent $1.7 trillion online in the first two years of the Covid-19 pandemic, with inflation boosting the dollar total, according to Adobe.
The figure for the period from March 2020 to February 2022 is $609 billion more than for the two preceding years combined, Adobe said Tuesday. E-commerce spending in 2021 rose 9% year on year to $885 billion.
The higher prices of goods contributed to the growth, as consumers spent $32 billion more for the same products, Adobe explained. In 2021, $22 billion of the increase in online spending was attributable to inflation, compared to $4.7 billion in 2020. In the first two months of 2022, $3.8 billion in e-commerce growth was driven by the higher cost of goods. However, rising prices have not dented demand, Adobe noted. Digital sales for the January-to-February period climbed 14% year on year to $138 billion.
Demand for apparel — which includes jewelry — slowed during the pandemic, as consumers spent more time at home, Adobe noted. Online sales for the category grew 9% in 2020 and 8% in 2021, versus a rise of 19% in 2019. Before the pandemic, the segment was chasing electronics for the top spot, at $14.4 billion behind, but in 2021, it slipped to a $38.8 billion lag.
Adobe expects e-commerce spending to continue on its growth trajectory this year. The company has forecast US online spending will break records in 2022, hitting $1 trillion for the first time, it added.
Image: A woman opening online purchases. (Shutterstock)
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