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Early Deals Support October Holiday Shopping
Nov 13, 2022 8:50 AM
By Leah Meirovich
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RAPAPORT... US shoppers shelled out cash heartily online for holiday gifts in October as retailers offered deals to get customers spending early.
Total e-commerce sales for the month rose 11% over September’s figure to $72.2 billion and were on par with the $72.4 billion spent in October 2021, even as inflation grew, Adobe said Friday.
“Despite inflationary pressures and the rising cost of borrowing, there was not a material decline this year in early holiday shopping,” explained Taylor Schreiner, senior director of Adobe Digital Insights. “E-commerce demand has shown itself to be durable and resilient, in spite of a challenging macroeconomic environment.”
In October, the prices of goods jumped year on year in 10 of the 18 categories Adobe tracks. However, 11 categories showed price drops from September as sellers implemented promotions, including jewelry, electronics, books, toys and appliances.
Consumers have spent a whopping $727 billion online since the start of the year, up 7% versus the previous year, Adobe added. The data analytics group expects the best deals to take place around Cyber Week, which runs from Thanksgiving Day through Cyber Monday.
Image: A woman purchasing items online. (Shuterstock)
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Tags:
Adobe, Adobe Digital Insights, cyber monday, Jewelry, Leah Meirovich, Taylor Schreiner
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