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On a monthly basis, online prices increased by 1.7 per cent in January, following the aftermath of holiday sales and discounts that extended past Cyber Monday in December, according to Adobe DPI.
In January 2023, consumers also saw prices fall YoY for home goods. Also, sporting goods hit a record YoY low, falling 6.4 per cent (up 0.6 per cent MoM). Prices for this category have now fallen YoY for nine consecutive months, beginning on May 2022; prior to that, prices had risen YoY for more than two consecutive years (28 months).
Nine categories experienced YoY price increases, including personal care and apparel.
On a month-on-month (MoM) basis, only one of the 18 categories in the DPI saw prices fall, following persistent holiday discounts in December 2022.
“The rising cost of living has made consumers more cautious about discretionary spending, with $72.2 billion spent online in January, a modest increase of 1.7 per cent YoY,” said Patrick Brown, vice president of growth marketing and insights at Adobe. “Current demand levels are driving retailers to hold prices down and continue to clear out excess inventory. As shoppers become more selective in where they spend their money, e-commerce will be an important battleground this year as brands seek to retain customers and drive experience-led growth.”
Fibre2Fashion News Desk (DP)