Consumers spent $74.1 billion in June 2022, with about $451.7 billion spent online year-to-date -- up 7.5% year-over-year, according to the Adobe Digital Price Index (DPI) released Tuesday.
Online spending by consumers, however, fell in June. Consumers spent $77.8 billion in April and $78.8 billion in May.
The index notes that online prices for June rose 0.3% on annual basis -- down 1% month-over-month.
Adobe DPI analyzes one trillion visits to retail sites and tracks more than 100 million SKUs across 18 product categories across 18 product categories such as electronics and apparel. In June, online inflation slowed for the third consecutive month.
Prices for electronics fell slightly to 7.28% year-over-year (YoY), down 1.34% month-over-month (MoM). Apparel fell 0.10% YoY, significantly down compared to the 9.03% YoY increase in May.
Grocery, tools and home improvement, and pet products, were categories in which prices continued to rise.
Groceries set a new record -- rising 12.44% YoY. The data shows that this category moved in sync with the consumer price index (CPI) on a long-term basis, with online prices rising for 29 consecutive months.
Pet Products prices rose 11.35% YoY, also setting a record YoY high for the category. Online inflation for pet products has now been observed for 26 consecutive months as consumers continue to bring pets home, boosting demand.
Tools and home improvement rose 10.44% YoY. June also marks the nineteenth consecutive month of YoY inflation for the category.
Eleven of the 18 categories tracked by the DPI in June saw YoY price increases, with groceries rising the most. Price drops were observed in electronics, jewelry, books, toys, computers, sporting goods and apparel.
When analyzing MoM price changes, price drops were observed across seven categories including electronics, office supplies, books, appliances, flowers and related gifts, computers and apparel.