Online holiday sales increased this year despite rising inflation-driven prices.
- Online sales reached $211.7 billion during the holidays in 2022—a 3.5% increase from the previous year.
- Shoppers were likely drawn in by a record number of discounts and sales during the holiday season.
- Despite a successful holiday shopping season, retailers are preparing for fewer sales in 2023 as inflation continues to affect shoppers’ desire to spend.
Why it’s news
While overall consumer expenses are still up, online spending during the holidays was largely unaffected, likely due to the record number of discounts and sales.
Adobe Analytics found that the 2022 season established a new record for the most e-commerce sales during the holiday shopping season. A boost from an extremely successful Cyber Monday helped drive the high sales numbers.
Sales in stores were up as well. Combined, overall sales increased by 7.6% from November to the end of December.
However, success during the holidays doesn’t necessarily indicate that retailers can expect a successful season in 2023. Prices for necessary goods remain high, and American savings are likely beginning to dwindle.
Sales on electronics and jewelry—typically big ticket items—are beginning to decline, CNBC reports. Retailers are still working through excess inventory accumulated last year.