(RTTNews) - Adobe Inc. (ADBE) Tuesday disclosed online shopping data for the 2024 holiday season, covering the period from November 1 through December 31, 2024.
As per Adobe Analytics data, that was compied from majority of the top 100 internet retailers in the U.S., consumers spent $241.4 billion in this holiday season, up 8.7 percent year-over-year.
Out of $241.4 billion, 54 percent was contributed by three categories including electronics, apparel, and furniture/home goods. Consumers spent $55.3 billion on electronics, $45.6 billion on apparels, and $29.2 billion on furniture/home goods, year-over-year growth of 8.8 percent, 9.9 percent, and 6.8 percent respectively.
During this season, traffic to retail sites from generative AI-powered chat bots saw an increase of 1,300 percent compared to the prior year. In a survey of 5,000 U.S. consumers by Adobe, seven out of ten respondents believed that generative AI enhanced their shopping experience.
'Buy Now, Pay Later' (BNPL) schemes continue to play a significant role in e-commerce by contributing $18.2 billion in online spend, up 9.6 percent. This was an all-time high.
Strong consumer spending online continues to be driven by net-new demand and not higher prices. Adobe's Digital Price Index shows e-commerce prices have fallen consecutively for 27 months, down 2.6 percent year-on-year in November 2024.
"The 2024 holiday season showed that e-commerce is being reshaped by a consumer who now prefers to transact on smaller screens and lean on generative AI-powered services to shop more efficiently," said Vivek Pandya, lead analyst, Adobe Digital Insights.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
