The prices on Cyber Monday this year may not be as low as in the past, “The Epoch Times” reports.
Online prices rose 1.9 percent in October from a year earlier and 0.9 percent from the previous month based on data from Adobe. The latest numbers mark the 17th straight month of price increases after six years of declines in the Adobe Digital Price Index.
“Consumers are now seeing a double hit to their pocketbooks, with everyday expenses like rent and gas rising, while the big holiday shopping season is going to get more expensive,” said Vivek Pandya, lead analyst for Adobe Digital Insights.
READ: Consumers expect continued inflation, according to Federal Reserve survey
Although prices remain high, Adobe expects e-commerce to account for at least 25 percent of overall holiday sales. Shoppers headed to the market early by almost a month this year, mainly due to supply chain constraints that many fear might lead to products going out of stock. In October, shoppers saw more than two billion out-of-stock messages online.
Consumers spent more than $72 billion last month, 8 percent more than in 2020 according to data from the software company. Despite high prices, online shopping remains the cheaper option as offline retailers push up prices to record highs, based on the latest Consumer Price Index.
When looking at individual categories, discount levels for electronics are at 8.7 percent compared to last year’s 13.2 percent. Sporting goods prices are down by 2.8 percent (11.2 percent in 2020). Appliances are offered at a discount of 4.6 percent (10.2 percent). Computers and toys fare much better with 12.4 and 15.9 discounts (11.9 and 7.5 percent decrease same time last year). However, home improvement and tools went up in price by 1.2 percent.
“After 17 consecutive months of online inflation, we are entering a new normal in the digital economy,” Pandya said. “As e-commerce takes on a greater share of overall retail, the pricing trends have become a more important indicator of net impact to consumers.”