U.S. online spending reached $76.8 billion in October, up 13.6% year-on-year

It is learned that according to a report released by Adobe, driven by Amazon's fall Prime Big Deal Days event, US online spending hit a record high in October.

Data from Adobe Analytics showed that U.S. consumers spent $76.8 billion online in October, up 5.9% year-on-year, or $4.3 billion more than the same period last year. Compared with September this year, online spending in October increased significantly by 13.6%.

Adobe said the main factors attracting US consumers to shop online are discounts offered during promotional events such as Amazon Prime Big Deal Days and flexible payment methods such as buy now, pay later (BNPL).

In October, BNPL payments amounted to $58.5 billion, up 6% year-on-year. In addition, since the beginning of this year (January to October), BNPL payments have reached $58.5 billion, a significant year-on-year increase of 14.5%. Adobe also expects BNPL usage to peak in November and Cyber ​​Monday (November 27).

Adobe also attributed October's strong online spending to early holiday discounts, with electronics and apparel seeing the highest discounts at 12% and 9%, respectively. Other categories with high discounts included sporting goods (7%), appliances (6%), toys (5%) and home furniture (5%).

In terms of purchasing channels, American consumers particularly prefer mobile devices such as mobile phones. In October, consumers' spending on mobile devices reached 35.9 billion US dollars, a year-on-year increase of 46.7%. So far this year (January to October 2023), consumers' spending on mobile devices has exceeded 354.7 billion US dollars, a year-on-year increase of 10.6%.

In terms of category performance, sales of smart home products increased by 157% in October compared to September, sales of electronic accessories increased by 109%, and demand for festive decorations such as Christmas trees, ornaments and decorations also increased, with sales increasing by 136% year-on-year as consumers are preparing for the upcoming holidays.

The data also showed that from January to October this year, the total online spending of US consumers was US$759 billion, an increase of 4.3% over the same period in 2022. In addition, the prices of online items in the United States have fallen for 14 consecutive months, including a year-on-year decrease of 6% in October.

Editor ✎ Nicole/

Disclaimer: This article is copyrighted and may not be reproduced without permission.