Online data from Adobe Inc. (ADBE) shows e-commerce spending was $77 billion higher than expected for the period starting March 1, coinciding with the shift to online during coronavirus-related lockdowns. Online spending, which was trending higher than during the holiday shopping period between November and December, totaled $368.8 billion for the first six months of 2020. The latest data also shows a rise in prices for food, clothing and electronics. Online grocery pricing has climbed 4.2% over the past six months. Online apparel pricing was up 2.7% month-over-month, and rose 4.3% year-over-year in June. And prices for computers are up 6.2% since March as the number of people working and educating from home has risen. Inflation has driven digital purchasing power (DPP) into negative territory for the first time ever, "which means consumers can now purchase goods online for $1.01 that would have cost $1.00 in June 2019," Adobe said. The SPDR S&P Retail ETF (XRT) is down 4.2% for the year to date while the S&P 500 index has fallen 1.4% for the period.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 13, 2020 09:07 ET (13:07 GMT)
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