U.S. e-commerce sales grew 6.6% in the second quarter, and the growth rate continued to slow

It is learned that recently, according to foreign media reports, the latest data from the U.S. Census Bureau showed that e-commerce sales growth in the second quarter continued to slow significantly compared with the double-digit growth rate at the end of 2023.

Data shows that in the second quarter of 2024, US e-commerce sales reached 282 billion US dollars, an increase of 6.6% over the same period last year. However, this growth is slowing down sharply, after an average quarterly growth rate of 14.8% during the recession and the epidemic. In addition, e-commerce sales accounted for 15.2% of unadjusted total sales. This figure is lower than 15.6% in the first quarter of this year, but higher than 14.6% in the same period last year.

Image source: PYMNTS

Overall, the quarterly year-on-year growth rate of total sales has dropped to 1.9%, about $1.9 trillion, which is less than half of the long-term average during the recession and the epidemic. Even excluding the recession period, the growth is lower than the pre-epidemic level. The report does not break down by product category, but it can be seen that consumers are returning to a more restrained or even passive consumption pattern.

Image source: PYMNTS

The slowdown in growth is reflected in the revenues of major companies and consumer payment behavior. In the latest earnings season, McDonald's sales fell for the first time since 2020 as low-income consumers stayed at home more, while Home Depot barely managed a small revenue increase. In addition, 41% of American consumers used a credit card to pay for their last online purchase, and the increase in credit spending was lower than expected, indicating that a trend of economic slowdown is taking shape.

Author ✎ Rayna/

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