Americans spent a record $222 billion shopping online this holiday season, according to a report by Adobe Analytics. The spending, which occurred between November 1 and December 31, marked a 4.9% increase from the previous year. Shoppers were enticed by deep discounts and Buy Now, Pay Later options. The findings indicate that despite concerns about the economy, Americans are still spending aggressively. Retailers relied on promotions to attract consumers, with online shopping discounts hitting record highs. Additionally, consumers took advantage of short-term financing, with Buy Now, Pay Later usage reaching a record $16.6 billion. The increase in spending was driven by rising demand rather than price fluctuations. Online prices fell by 5.3% year-over-year in December, further encouraging consumers to make purchases. This holiday season’s record-breaking online spending highlights the ongoing trend of Americans embracing e-commerce as their preferred shopping method.
Americans Splurge $222 Billion on Online Shopping in Record-Breaking Holiday Season, US
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