Retail Dive: 2022 Holiday Season Saw Record-Breaking Spending of $211.7B
According to the latest report of Adobe about the sales during Cyber Week, online shoppers spent a record-breaking $211.7 billion in the holiday season of 2022, from November 1st to December 31st. The figures didn’t account for the inflation rate but there would still be underlying consumer demand growth if inflation was added into the equation.
“At a time when consumers were dealing with elevated prices in areas such as food, gas, and rent, holiday discounts were strong enough to sustain discretionary spending through the entire season,” Vivek Pandya, lead analyst at Adobe Digital Insights, said in a statement.
Compared to the previous month, online toy sales saw the greatest increase of 206%. Other categories also have a significant rise: video games (115%), watches (108%), gift cards (98%) apparel and accessories (94%), cosmetics (90%) and outdoor grills (86%). The numbers have definitely given more hope to retailers, who had suffered from 2 years of Covid.
“The big deals drew in consumers and drove volume, helping retailers who were challenged with oversupply issues, particularly in categories such as apparel, electronics, and toys,” added Vivek.
Besides the greater demand, the lucrative discounts have also contributed greatly to the record-high e-commerce sales during the holiday season of 2022. Toys and electronics are the most discounted items, sold at 66% and 75% of their original prices respectively.
Adobe’s report presented many other valuable findings and insights into sales during Cyber Week. The buy now, pay later option continues to be an attractive shopping method amongst consumers with a bump of 4% over the year. However, its total revenue failed to catch up. The majority of online sales were generated via mobile phones. And lastly, online sales gradually grow even before the holiday.
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