Americans spent a record $222 billion shopping online this holiday season
Originally Published: 04 JAN 24 14:29 ET
By Matt Egan, CNN
New York (CNN) — Americans ramped up their online shopping this past holiday season, splurging on a record-setting $222 billion worth of electronics, toys and other items.
The spending haul between November 1 and December 31 marks a 4.9% increase from the previous holiday shopping season, according to an Adobe Analytics report released Thursday.
Shoppers were enticed by deep discounts as well as Buy Now, Pay Later options, according to Adobe.
The findings add to the evidence that Americans are still spending aggressively — despite telling pollsters they don’t like this economy.
Adobe previously reported that shoppers spent a record $12.4 billion online shopping on Cyber Monday alone.
To lure consumers, retailers did rely on promotions.
Adobe said online shopping discounts hit record highs this holiday season, peaking at 31% off list price for electronics, compared with 25% in 2022. Toy discounts peaked at 28% (compared with 34% in 2022) and apparel peaked at 24% (compared with 19% in 2022).
Consumers also leaned on short-term financing. Buy Now, Pay Later usage increased by 14% from last year to a record $16.6 billion.
The Adobe numbers are not adjusted for inflation. Online prices fell by 5.3% year-over-year in December, according to Adobe. That means the increase in spending this holiday season was driven by rising demand, not price fluctuations.
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