U.S. retail e-commerce spending grew 7% in Q1 2019 and is expected to exceed $500 billion

It is learned that on May 9, according to foreign media reports, the latest data from Adobe Analytics showed that in the first quarter of 2024, US retail e-commerce spending increased by 7% year-on-year.

Adobe conducted data analysis based on more than 1 trillion visits to U.S. retail e-commerce websites, 100 million SKUs and 18 product categories. The data showed that from January 1 to April 30, U.S. consumers spent $331.6 billion online.

Electronics, apparel, and grocery categories dominated retail e-commerce spending, with $61.8 billion spent on electronics (up 3.1%), $54.5 billion spent on apparel (up 2.6%), and $38.8 billion spent on groceries (up 15.7%). Spending on cosmetics also grew year over year, reaching $13.2 billion in the quarter, up 8% year over year.

In addition, Adobe found that the share of the lowest-priced products increased significantly in all categories between January 2019 and April 2024. Among them, personal care increased by 96%, electronics increased by 64%, apparel increased by 47%, home/garden increased by 42%, furniture/bedding increased by 42%, and groceries increased by 33%.

Sporting goods (28%), appliances (26%), tools/home improvement (26%), and toys (25%) categories saw slower than average growth in share of lowest-priced products, but they still showed growth. Adobe noted that in these categories, brand loyalty has a greater influence on consumer decisions, and consumers are more likely to buy high-quality products.

Adobe predicts that US retail e-commerce spending will exceed $500 billion in the first half of 2024, an increase of at least 6.8% year-on-year. As of April this year, consumers paid $25.9 billion using BNPL, an increase of 11.8% year-on-year. It is predicted that BNPL payments will drive revenue of $81 billion to $84.8 billion, an increase of 8% to 13% year-on-year.

Author ✎Rayna/

Statement: This article is copyrighted and may not be reproduced without permission. If you need authorization, please contact: happy