Prices for apparel increased 12.3 per cent YoY, while decreasing 1.7 per cent MoM. Although this is the highest YoY increase of any category, it is down from recent highs (February at 16.7 per cent YoY and March at 16.3 per cent YoY).

In April, consumers spent $77.8 billion online, which represents modest growth at 4.5 per cent YoY. Online spending in the US grew double digits at 12.2 per cent YoY ($71 billion) in January and 15.5 per cent ($67 billion) in February. Consumer spending in April is also below the $83.08 billion spent in March, representing a 6.8 per cent decline MoM or $5.28 billion. With rising interest rates and persistent inflation, consumers have pulled back on spending for durable goods, Adobe said in a press release.

“As the cost of borrowing and economic uncertainty rises for consumers, we are beginning to see the early impact on both online inflation and spend,” said Patrick Brown, vice president of growth marketing and insights, Adobe. “However, durable demand for e-commerce still drove over $77 billion in spend last month, as consumers continue to embrace the ease of online shopping and more personalised customer experiences in the digital economy.”

The DPI provides the most comprehensive view into how much consumers pay for goods online. Powered by Adobe Analytics, it analyses one trillion visits to retail sites and over 100 million SKUs across 18 product categories. In April, 13 of the 18 categories tracked by the DPI saw YoY price increases, with apparel rising the most.

Fibre2Fashion News Desk (RR)