RAPAPORT... US e-commerce spending rose in July as Amazon Prime Day drove record online sales, according to Adobe Analytics.
Shoppers shelled out $73.7 billion online during the month, up 21% compared to the same month in 2021. However, that figure is 1% lower than June’s $74.1 billion total and 6% less than the $78.8 billion spent in May, Adobe said Tuesday. Prime Day — which historically fuels higher levels of overall online spending — took place in July this year, rather than its usual June date, accounting for the year-on-year jump.
Meanwhile, e-commerce prices declined 1% during the period, marking the first month of deflation following 25 consecutive months of online hikes, Adobe noted. The number also fell 2% versus June.
Of the 18 categories Adobe tracks, 14 recorded price decreases in July compared with the previous month, including electronics, jewelry, books, toys, computers, sporting goods and apparel. Groceries, pet products, tools and home-improvement equipment, and non-prescription drugs were the only categories that saw price rises. Prices for jewelry also slipped year on year, the company noted.
“Wavering consumer confidence and a pullback in spending, coupled with oversupply for some retailers, is driving prices down in major online categories like electronics and apparel,” said Patrick Brown, vice president of growth and marketing insights at Adobe. “It provides a bit of relief for consumers, as the cost of food continues to rise both online and in stores.”
In the first seven months of 2022, online spending increased 9% to $525.4 billion, Adobe added.
Image: A man shopping online. (Shutterstock)
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