Oct. Online Spending Up 10% From Sept., on Par With Last Year: Adobe

Consumers spent $72.2 billion online last month, 10.9% above September, and on par with October 2021, as bargains drove early holiday season shopping, Adobe reported Thursday. Discounts in electronics reached 17%, with 10% deals on computers, 4% on TVs, the report said. Top-selling electronics and gaming devices include PlayStation 5, Xbox Series 5, Nintendo Switch, and Apple’s iPhone, Watch and AirPods; e-readers have also been high sellers, it said. Adobe expects the best deals to kick in around Cyber Week, Nov. 24-28. Revenue from buy now, pay later installment payment options ticked up 1% in October, with its revenue share up just 5% year on year on the economic environment and slowdown in consumer spending. “BNPL is also contending with challenges in demonstrating value to mass consumers,” said analyst Taylor Schreiner. Curbside pickup was 17% of orders for retailers that offer the fulfillment service, down from 24% share a year ago when COVID-19 concerns led consumers to look for safe ways to shop, it said. Adobe expects curbside pickup usage to pick up in December by consumers looking to avoid shipping delays. “Despite inflationary pressures and the rising cost of borrowing, there was not a material decline this year in early holiday shopping,” said Schreiner.