Holiday Online Sales Hit a Record $241 Billion in US
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U.S. e-commerce spending rose 9% to a record $241 billion over the holiday period, sparked by widespread discounts, according to data from Adobe.
More than half of the total spent during the last two months of the year was on electronics, apparel and home goods, Adobe reported, while groceries and cosmetics posted the sharpest growth rates from a year earlier.
“Strong discounts this season enticed consumers who have become increasingly price sensitive,” Adobe said, adding that sales for products rose in accordance with how deeply they were discounted. On balance, the online sales total was driven by higher demand, rather than higher prices, according to Adobe.
Years of cumulative price increases have caused problems for retailers in recent quarters as consumers retrench and prioritize essential goods. Nonetheless, early data pointed to online sales as a bright spot for Black Friday.
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