Shoppers have been trading down in online purchases. That was what Adobe Analytics said Thursday in a report that also showed online spending in the fourth-month period spanning January to April hit $331.6 billion in what represented a 7% year-over-year increase. Its data indicated goods on the lower-cost end in categories like personal care, electronics, apparel, home/garden, furniture/bedding and grocery have been increasingly favored by online shoppers.
In March, the consumer price index showed a 0.4% month-over-month increase and a 3.5% year-over-year increase. That index reached a peak of 9.1% in 2022, as FOX Business previously reported. Nonetheless, Adobe’s report said growth in online spending "remains resilient," pointing to "stable spend" in electronics and apparel and more spending in grocery from January through April of this year. In that time frame, those categories notched $61.8 billion, $52.5 billion and $38.
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