US Online Spending to Reach $1T Mark in 2022

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)