Big Discounts Drive Rise in Online Holiday Sales
E-commerce spending in the US reached a new record this holiday season as shoppers took advantage of heavy discounts, according to Adobe Analytics.
Total online sales for the November-to-December period rose 3.5% year on year to $211.7 billion, Adobe said Thursday. That figure is less than last year’s 8.6% jump but well above the 2.5% increase to $209.7 billion Adobe forecast in October. The data analytics group believed inflation would more significantly impact growth this year, but early deals retailers offered in October to lure in customers helped advance sales, it noted.
“At a time when consumers were dealing with elevated prices in areas such as food, gas, and rent, holiday discounts were strong enough to sustain discretionary spending through the entire season,” said Vivek Pandya, lead analyst for Adobe Digital Insights. “The big deals drew in consumers and drove volume.”
Some 38 individual days passed the $3 billion sales threshold during the period, on par with last year. Discounts during the season hit record levels, with markdowns in the toy category of 34%, compared with 19% a year ago, while electronics prices saw reductions of 25%, versus 8% in 2021. Computers, apparel, televisions, appliances, sporting goods and furniture also enjoyed strong discounts, Adobe said.
Toys were the top seller, growing 206% from October. Video games jumped 115%, and the apparel and accessories division — which includes jewelry — was up 94%. Demand for watches was also strong during the holidays, gaining 108%, Adobe added.
Image: Online shopping. (Shutterstock)