Adobe Digital Price Index: E-Commerce Enters Deflation for the First Time in Over Two Years
2022年8月9日 - 9:00PM
ビジネスワイヤ(英語)
- Online prices dropped 1% year-over-year and 2%
month-over-month in July
- Electronics, apparel and toys drove down prices online,
while food costs remained elevated
- Consumers spent $73.7 billion online in July, down from
$74.1 billion in June
Adobe (Nasdaq:ADBE) today announced the latest online inflation
data from the Adobe Digital Price Index (DPI), powered by Adobe
Analytics. In July 2022, online prices decreased 1% year-over-year
(YoY)—after increasing 0.3% YoY in June and 2% YoY in May—and
dropped 2% on a monthly basis. July is the first month where
e-commerce entered deflation, after 25 consecutive months of
persistent inflation online. Most of the categories tracked by the
DPI (14 out of 18) saw month-over-month (MoM) price decreases in
July.
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Price Table Year over Year (Graphic:
Business Wire)
Prices for electronics, the largest category in e-commerce with
18.6% share of spend in 2021, fell sharply and decreased 9.3% YoY
(down 2% MoM). This is a greater YoY decrease than June (down 7.3%
YoY) and May (down 6.5% YoY). Prices for apparel fell 1% YoY (down
6.3% MoM), marking the second consecutive month where prices fell
after dropping 0.1% YoY in June. Apparel prices had increased for
14 consecutive months since April 2021, with prices having spiked
in recent months (up 9% YoY in May, 12.3% YoY in April and 16.3%
YoY in March). Toy prices fell significantly, dropping 8.2% YoY
(down 2.9% MoM), a record YoY low for the category in the last 31
months. Food costs remained high however, with grocery prices
rising 13.4% YoY (up 1.4% MoM), a record YoY high and the largest
increase of any category.
In July, consumers spent $73.7 billion online, $400 million less
than the prior month ($74.1 billion). On a YoY basis however,
e-commerce spend in July grew 20.9%, with Prime Day driving record
online sales for the retail industry overall. Online spending in
July also decreased compared to May ($78.8 billion) and April
($77.8 billion). E-commerce demand remains resilient on a
year-to-date basis, with consumers spending $525.4 billion online
in 2022 so far, growing 9.2% YoY.
“Wavering consumer confidence and a pullback in spending,
coupled with oversupply for some retailers, is driving prices down
in major online categories like electronics and apparel,” said
Patrick Brown, vice president of growth marketing and insights,
Adobe. “It provides a bit of relief for consumers, as the cost of
food continues to rise both online and in stores.”
The DPI provides the most comprehensive view into how much
consumers pay for goods online, as e-commerce expands to new
categories and as brands focus on making the digital economy
personal. Powered by Adobe Analytics, it analyzes one trillion
visits to retail sites and over 100 million SKUs across 18 product
categories: electronics, apparel, appliances, books, toys,
computers, groceries, furniture/bedding, tools/home improvement,
home/garden, pet products, jewelry, medical equipment/supplies,
sporting goods, personal care products, flowers/related gifts,
non-prescription drug and office supplies.
In July, 11 of the 18 categories tracked by the DPI saw YoY
price increases, with groceries rising the most. Price drops were
observed in seven categories: electronics, jewelry, books, toys,
computers, sporting goods and apparel.
Only four of the 18 categories in the DPI saw price increases
MoM. Price drops were observed across 14 categories including
electronics, personal care products, office supplies, jewelry,
books, furniture/bedding, toys, home/garden, appliances,
flowers/related gifts, computers, sporting goods, medical
equipment/supplies and apparel.
Notable categories in the Adobe Digital Price Index for
July:
- Electronics: Prices were down 9.3% YoY (down 2% MoM),
bringing it back to pre-pandemic levels when electronic prices fell
9.1% YoY on average between 2015 and 2019. As the biggest category
in e-commerce by share of spend, price movements have an outsized
impact on overall inflation online.
- Apparel: Prices were down 1% YoY, while falling
significantly on a monthly basis (down 6.3% MoM). This is the first
notable YoY decrease for the category, as prices only fell by 0.1%
YoY in June. It comes after 14 consecutive months where prices had
risen consistently, reversing a predictable pattern of heavy
discount periods.
- Toys: Prices were down 8.2% YoY (down 2.9% MoM), the
largest YoY drop for the category since December 2019, when prices
were down 10% YoY during the holiday shopping season. This is the
16th consecutive month of deflation for the category, after prices
had risen 0.2% YoY in March 2021.
- Groceries: Prices continued to surge and rose 13.4% YoY
(up 1.4% MoM), more than any other category. It is a new YoY
record, following a 12.4% YoY increase in June, a 11.7% YoY
increase in May and a 10.3% YoY increase in April—all previous
record highs. Grocery prices have risen for 30 consecutive months,
and it remains the only category to move in lockstep with the
Consumer Price Index on a long-term basis.
- Pet Products: Prices were up 12.6% YoY (up 1.7%
MoM), a record YoY high for the category. This follows a 11.3% YoY
increase in June, and a 9.1% YoY increase in May. Online inflation
for pet products has now been observed for 27 consecutive months,
as pet ownership surged during the COVID-19 pandemic and demand for
related goods remains high.
Methodology The DPI is modeled after the Consumer Price
Index (CPI), published by the U.S. Bureau of Labor Statistics and
uses the Fisher Price Index to track online prices. The Fisher
Price Index uses quantities of matched products purchased in the
current period (month) and a previous period (previous month) to
calculate the price changes by category. Adobe’s analysis is
weighted by the real quantities of the products purchased in the
two adjacent months.
Powered by Adobe Analytics, Adobe uses a combination of Adobe
Sensei, Adobe’s AI and machine learning framework, and manual
effort to segment the products into the categories defined by the
CPI manual. The methodology was first developed alongside renowned
economists Austan Goolsbee and Pete Klenow.
About Adobe Adobe is changing the world through digital
experiences. For more information, visit www.adobe.com.
© 2022 Adobe. All rights reserved. Adobe and the Adobe logo are
either registered trademarks or trademarks of Adobe in the United
States and/or other countries. All other trademarks are the
property of their respective owners.
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Public relations contacts Kevin Fu Adobe kfu@adobe.com Bassil
Elkadi Adobe belkadi@adobe.com
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