Online spending surged 8.7% to $241.4 billion in the holiday season, driven by demand and AI-powered chatbot assistance, rather than rising prices.
The increasing demand for online retail can be attributed to deep discounts, where each 1% drop in price led to a corresponding 1% increase in demand, resulting in an impressive additional $2.25 billion in spending.
Vivek Pandya of Adobe noted that consumers are strategically timing their purchases, termed 'event-ized buying', to find better deals, especially for nonessential goods.
Despite inflationary pressures on essential items, the holiday season saw a growth in retail sales, reflecting consumer resilience and adaptability in their shopping habits.
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