RAPAPORT... US e-commerce spending fell in April to its lowest this year amid rising interest rates and continued inflation, according to Adobe Analytics.
“As the cost of borrowing and economic uncertainty rises for consumers, we are beginning to see the early impact on both online inflation and spend,” said Patrick Brown, vice president of growth marketing and insights for Adobe.
Shoppers shelled out $77.8 billion online during the month, a rise of 4.5% year on year. However, that figure is 7% below the $83.08 billion spent online in March, Adobe explained. In January, e-commerce spending grew 12% versus the previous year. It increased 16% in February.
The slowdown came despite indications that e-commerce inflation was easing: Online retail prices grew 2.9% year on year in April but dropped 0.5% compared to the previous month, according to data from Adobe. In March, prices climbed a record 3.6% year on year, the company noted.
Of the 18 categories Adobe tracks, 10 saw price decreases in April compared to the previous month, including electronics, jewelry, books, and apparel. Prices for jewelry also declined year on year, Adobe added.
Image: A woman shopping online. (Shutterstock)
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