US Online Spending Softens in June

RAPAPORT... US e-commerce spending slowed in June to its lowest this year amid a move in the date of Amazon Prime Day and continued inflation, according to Adobe Analytics.Shoppers shelled out $74.1 billion online during the month, a rise of 1% year on year. However, that figure is 6% lower than the $78.8 billion spent in May and 5% less than April's total, Adobe said Tuesday. This year, Prime Day - which historically drives higher levels of overall online spending - will take place in July rather than in June.Meanwhile, e-commerce prices increased 0.3% during the period, marking the 25th consecutive month of online inflation. While that number is also easing, down 1% from May, it's still hindering prices in many categories, Adobe explained. Groceries, tools, home improvement and pet products have all seen strong price rises.Of the 18 categories Adobe tracks, seven saw price decreases in June compared to the previous month, including electronics, jewelry, books, toys, computers, sporting goods and apparel. Prices for jewelry also declined year on year, the company noted.In the first half of 2022, online spending increased 7.5% to $451.7 billion, Adobe added.Image: Online shopping. (Shutterstock)