Adobe’s Online Shopping Data Reveals Resilient Ecommerce Landscape in 2024
Despite economic challenges, Adobe’s latest online shopping data for the first four months of 2024 paints a picture of a resilient ecommerce landscape. According to Adobe Analytics, consumers spent a whopping $331.6 billion online from January to April 2024, reflecting a 7% year-over-year increase.
The growth in online spending was driven by stable performance in categories like electronics and apparel, as well as a significant surge in online grocery shopping. Electronics saw $61.8 billion spent, up 3.1% year-over-year, while apparel recorded $52.5 billion spent, up 2.6% year-over-year. The most notable increase was in groceries, with $38.8 billion spent, marking a substantial 15.7% year-over-year growth.
Looking ahead, Adobe predicts that the first half of 2024 will see over $500 billion in online spending, representing a 6.8% year-over-year growth. The data also revealed a trend towards consumers favoring cheaper goods across various ecommerce categories, with significant increases in the share of units sold in the cheapest quartiles.
Moreover, the adoption of Buy Now, Pay Later (BNPL) options is on the rise, driving $25.9 billion in e-commerce spending from January to April 2024, up 11.8% year-over-year. Adobe expects BNPL to play a significant role in online spending for the entire year, accounting for $81 billion to $84.8 billion and representing an 8% to 13% year-over-year growth.
Mobile shopping continues to grow, surpassing desktop revenue for the first time during the 2023 holiday season. In the first four months of 2024, mobile drove $156.9 billion in online spending, up 9.8% year-over-year. Adobe anticipates mobile to contribute 52.5% of online revenue in the upcoming holiday season.
Overall, Adobe’s data highlights the resilience and adaptability of the ecommerce sector in the face of economic uncertainties, showcasing a promising outlook for online retailers and consumers alike.