Q3 U.S. e-commerce sales reached $284.1 billion, continuing its growth momentum

It is learned that the U.S. Census Bureau recently released the "U.S. E-commerce Sales Data for the Third Quarter of 2023". The data shows that after seasonal adjustment, U.S. e-commerce sales in the third quarter reached US$284.1 billion, a month-on-month increase of 2.3%. Although e-commerce sales continue to grow, the growth rate has slowed down compared with previous quarters.

In the third quarter of 2023, the total retail sales in the United States will be approximately 1.825 trillion US dollars, a year-on-year increase of 1.5%. In addition, the e-commerce penetration rate will increase by 0.8% year-on-year, from 14.8% in the third quarter of 2022 to 15.6% in the third quarter of 2023.

It is worth noting that the latest research from PYMNTS Intelligence also reveals changes in the e-commerce penetration rate in the U.S. The research shows that the e-commerce penetration rate in the U.S. has continued to rise in recent years, and despite occasional fluctuations, it has generally been on an upward trend.

The study also found that the epidemic has driven up the penetration rate of e-commerce in the United States. Affected by the epidemic, the penetration rate of e-commerce in the United States soared to 27% in 2020. In 2019, this figure was only 11.2%.

After experiencing strong growth during the pandemic, the growth rate of U.S. e-commerce sales has slowed in the past two years and has now stabilized. Today, American shoppers shop both online and in physical stores.

PYMNTS is not optimistic about the outlook for e-commerce sales in the fourth quarter. The agency particularly emphasized that Walmart recently expressed its cautious attitude towards revenue prospects at its earnings conference because consumers are facing pressure from debt, student loan repayments and inflation.

According to a PYMNTS survey, economic headwinds have eroded the holiday budgets of American consumers. The survey showed that about 20% of American consumers are considering reducing non-essential spending during this holiday season. This may lead to consumers spending less time online, which will have an adverse impact on online shopping.

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