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Consumers Spent Over $72 Billion Online as Early Holiday Discounts Kick in

Adobe today released its first set of online shopping data for the 2022 holiday season. Powered by Adobe Analytics, Adobe provides a comprehensive view into U.S. e-commerce by analyzing direct consumer transactions online. The analysis covers over one trillion visits to U.S. retail sites, 100 million SKUs, and 18 product categories — more than any other technology company or research organization.  

Consumers spent $72.2 billion online in October 2022, 10.9% more than they did in the month prior (Sept. 2022). The spend is on par with what consumers spent last year ($72.4 billion, Oct. 2021), where earlier deals also drove an uptick in early holiday shopping. Consumers have been enticed by bargains in categories including electronics and toys, where discounts have been as high as 17% and 15%, respectively. Shoppers have also seen good deals in computers (10%), with more modest discounts in categories like televisions (4%), sporting goods (3%) and furniture (2%). Adobe expects the best deals to still happen around Cyber Week.

Taylor Schreiner, senior director, Adobe Digital Insights said – “Despite inflationary pressures and the rising cost of borrowing, there was not a material decline this year in early holiday shopping. With over $72 billion spent online in October, e-commerce demand has shown itself to be durable and resilient, in spite of a challenging macroeconomic environment.”

Read More: Building Your Supply Chain for Resiliency

Year-to-date (Jan. 2022 – Oct. 2022), consumers have spent a total of $727 billion, up 6.9% year-over-year (YoY) as the digital economy continues to expand. In October 2022, top selling toys online have included Squishmallows, Roblox figurines, Pokémon card games, and LOL Surprise dolls. Top electronics and gaming devices have included PlayStation 5, Xbox Series 5, Nintendo Switch, and Apple products (iPhone, Watch, AirPods).

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Air fryers, eReaders, and mini fridges have also been top sellers.

Additional Adobe Analytics Insights Include:
  • Category Upticks: Consumers have gotten an early start on Thanksgiving and Christmas shopping, with sales of holiday décor up 189% (compared to daily average sales in August 2022). And as the weather gets colder, outerwear apparel is up as well, rising 142%. Grocery shopping online continues to gain traction amongst consumers, up 27.9% on a YoY basis; Adobe expects this to pick up as we get closer to Thanksgiving meals.
  • Buy Now Pay Later (BNPL): In October 2022, revenue share from BNPL was up just 1% YoY. And from January 2022 through September 2022, revenue share was up just 5% YoY.  While the growth has been partly affected by the broader economic environment and a slowdown in consumer spending, BNPL is also contending with challenges in demonstrating value to mass consumers.
  • Fulfillment: In October 2022, curbside pickup accounted for 17% of orders (for retailers who offer the service). This down from the 24% share in October 2021, when the COVID-19 pandemic drove consumers to leverage the fulfillment option as a safe and fast way to shop. Adobe expects usage of curbside pickup will increase in December, as consumers leverage it to avoid shipping delays.

Methodology:  This report covers the period from Oct 1. Through Oct. 31, 2022. It is based on Adobe Analytics data, and provides the most comprehensive view into U.S. e-commerce by analyzing commerce transactions online. The analysis covers over 1 trillion visits to U.S. retail sites, 100 million SKUs and 18 product categories. Adobe Analytics is part of Adobe Experience Cloud, which over 85% of the top 100 internet retailers in the U.S.* rely upon to deliver, measure and personalize shopping experiences online.

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