U.S. online holiday sales are expected to rise this year at their slowest pace since at least 2015, according to a report, as shoppers feel the brunt of decades-high inflation and soaring interest rates.
By Ananya Mariam Rajesh and Aatrayee Chatterjee
Adobe Analytics forecast online sales in November and December to rise 2.5% to $209.7 billion, compared with an 8.6% increase a year ago, as more people also return to in-store shopping and bring forward purchases to as early as October. With annual inflation running 8.3% in August, Americans have been forced to cut back on discretionary purchases, while the U.S. Federal Reserve's aggressive interest rate hikes are expected to further hit spending power.
"As the cost of basics like food and gas go up, consumers become much more price-conscious shoppers ... and that influences consumers' plans to wait for discounts and shop a little more vigilantly over the course of the season," Schreiner said.
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