(Reuters) – U.S. consumer spending for online shopping during the holiday season was lower than expected, Adobe Analytics data showed, as supply chain issues led to product shortages and delays in delivery.
Consumers spent a record $ 204.5 billion online in the 2021 holiday season, an 8.6% increase from the previous year, Adobe Analytics said in a report released Wednesday. .
But the figure was lower than Adobe’s $ 207 billion expected and marked the smallest increase since the company started tracking data on vacation spending in 2014.
Congested ports, coronavirus-related plant closures in Asia, and shortages of shipping containers and truck drivers have reduced global and U.S. vacation inventories by 2%, according to Salesforce data.
Adobe, which covers more than a trillion U.S. retail website visits in its analysis, said shoppers saw more than 6 billion out-of-stock messages online, an increase of more than three times compared to pre-pandemic levels.
The holiday rush was also softened by early promotions that encouraged shoppers to splurge on everything from toys and video games to electronics outside of bigger shopping days.
For example, during Cyber Week – the period between Thanksgiving and Cyber Monday – consumer spending fell 1.4%.
“This holiday shopping season was the first time that big promotional moments like Cyber Monday and Black Friday were less highlighted,” said Taylor Schreiner, senior director of Adobe Digital Insights.
Data from Adobe showed that online prices rose 3.1% in December, marking the 19th consecutive month of increases, with discounts narrowing on categories such as electronics and sporting goods throughout. the season.
The increase in holiday sales is primarily driven by higher inflation-driven costs and falling discounts, said Rob Garf, vice president and general manager of retail for Salesforce.
“Consumers were buying fewer items at higher prices from fewer retailers,” Garf said.
(Reporting by Deborah Sophia and Uday Sampath Kumar in Bengaluru; Editing by Aditya Soni)