New data from Adobe shows that online holiday sales hit a record number in 2022, up 3.5% to $211.7 billion.
Online sales during the holiday season rose 3.5% year over year to $211.7 billion, according to Adobe Analytics, as record-high discounts persuaded shoppers to open up their wallets.
Vivek Pandya, lead analyst at Adobe Digital Insights, said the script has flipped from last year. Customersin 2021 for holiday purchases as retailers ran low on products. Now, he said, shoppers have become more frugal and will hold out for a lower price. As inflation remains high, Americans are running up credit card balances and socking away less money in savings accounts. Sales of some big-ticket items, such as jewelry and consumer electronics, have declined. And retailers have marked down merchandise and scaled back ordersFood and housing costs, in particular, have shot up in price, taking a bigger chunk out of Americans' budgets. Inflationbut was still up 7.1% year over year, according to the Labor Department.
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