Business

How Inflation Affects Online Prices for Furniture from Apparel

FedEx Corp.’s independent contractor will unload the delivery truck on Monday, December 2, 2019, on Cyber ​​Monday, NY, USA.

Michael Neagle | Bloomberg | Getty Images

Online product prices have risen for the 15th consecutive month of unprecedented growth, following a period of historical decline, according to a new report from Adobe Digital Insights.

Inflation is hitting categories such as pet products, over-the-counter drugs, apparel, furniture and flower arrangements, according to reports.

According to Adobe, rising digital sticker prices across the industry are accelerating e-commerce from $ 1 for every $ 6 in 2017 to about $ 1 for every $ 5 spent by Americans. Means. The Adobe Digital Insights Economy Index tracks more than 1 trillion visits to US retail sites and more than 100 million products across 18 categories.

Last month, Adobe discovered that online prices were up 3.1% year-on-year, up 0.1% from the previous month. From 2015 to 2019, online prices fell by an average of 3.9% each year. Adobe has been tracking the so-called Digital Economy Index since 2014.

In its report, Adobe points out that prices are usually raised when prices fall. Retailers tend to use large-scale promotions to wipe out extra merchandise at the end of summer and win customer loyalty when completing a new semester of shopping. Not this year.

“The category that once had a small presence in e-commerce is now becoming a staple, and unprecedented price movements are no longer restraining overall inflation,” said Vivek Pandya, lead analyst at Adobe Digital Insights. “. “We are in a new realm.”

Given this trend, Adobe predicts that by November 1st of this year, Americans will spend more online than they have called on the web throughout 2019.

According to Adobe, consumers have already traded more than $ 541 billion on the Internet in the first eight months of 2021. This is a 9% increase from the same period last year and a 58% increase from the same period in 2019.

on Tuesday, The Ministry of Labor said prices for a range of consumer goods fell below expectations in August., Provides one sign that inflation may be starting to cool. However, this data does not include online pricing.

“Most of the recent rise in US inflation is largely due to supply chain bottlenecks and low inventories, Higher labor costs are often passed on to consumers “It’s seen as a precursor to broader inflation,” said Jack Kleingents, chief economist at the National Retail Federation.

How Inflation Affects Online Prices for Furniture from Apparel

Source link How Inflation Affects Online Prices for Furniture from Apparel

Back to top button