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US Online Spending to Reach $1T Mark in 2022
Mar 16, 2021 10:24 AM
By Rapaport News
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RAPAPORT... US e-commerce sales will hit $1 trillion for the first time next year, as the pandemic continues to impact consumer habits, Adobe Analytics predicted Monday.
Digital spending will reach $850 billion to $930 billion this year based on the current growth trajectory, the company noted. Between March 2020 and February 2021, online sales rose 20% year on year to $844 billion, a difference of $183 billion, it added. Consumers spent $813 billion online during the 2020 calendar year, up 42% compared to 2019.
The $183 billion increase is “nearly the size of the 2020 holiday shopping season, where $188.2 billion was spent online between November and December,” Adobe said.
The first two months of 2021 raked in a total of $121 billion in online spending, an increase of 34% year on year. Home-improvement products were the e-commerce category with the sharpest growth, with sales increasing 60% in the two months ending February 28. Apparel saw the most sluggish rise, gaining 22%.
Online sales have been so strong that retailers have struggled to meet demand. In July 2020, “out of stock” messages on e-commerce sites were three times higher than pre-pandemic levels, and in January 2021 increased to four times those seen before the virus, Adobe added.
Image: A woman receiving online shopping. (Shutterstock)
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Tags:
Adobe, Adobe Analytics, COVID-19, Rapaport News, US Online Spending, US retail sales
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