Online sales jump 3.5%, boosted by discounts

Online sales during the holiday season jumped 3.5% year over year to $211.7 billion, according to Adobe Analytics, as record high discounts persuaded shoppers to open up their wallets.

That spending marked a new record for e-commerce sales during the major retail season, according to Adobe. The overall spending got a boost from key shopping holidays, including $35.3 billion in online sales during Cyber Week, the five-day period from Thanksgiving to Cyber Monday.

The latest holiday numbers come as retailers brace for a tougher year and weigh if consumers are running out of gas. As inflation remains high, Americans are running up credit card balances and socking away less money in savings accounts. Sales of some big-ticket items, such as jewelry and consumer electronics, have declined. And retailers have dangled discounts and cut merchandise orders while trying to sell through excess inventory and prepare for a potential recession.

In a separate report, which includes in-store spending, holiday sales rose 7.6% in stores and online from Nov. 1 to Dec. 24, according to data from Mastercard SpendingPulse. The figure includes all forms of payment and restaurant spending. It is not adjusted for inflation, which rose 7.1% year over year in November.

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