Media Alert: Adobe Digital Price Index: Online Prices Fall 1.7% In March
10/04/2023
Price increases for groceries continued to slow, easing food costs for consumers
Categories including home/garden, appliances and electronics continued to see price drops
SAN JOSE, Calif. - Today, Adobe (Nasdaq:ADBE) announced the latest online inflation data from the Adobe Digital Price Index (DPI), powered by Adobe Analytics. Online prices in March 2023 fell 1.7% year-over-year (YoY), marking the seventh consecutive month of YoY price decreases with over half of the categories (10 of 18) tracked by Adobe seeing falling prices on an annual basis. On a monthly basis, online prices in March remained flat (up 0.03%).
March's YoY price decline was driven by steep drops in discretionary categories including electronics (down 12.9% YoY, down 1.3% MoM) and toys (down 6.6% YoY, down 1.2% MoM). Prices also fell YoY for home goods: Appliances were down 4.9% YoY (up 0.8% MoM), while home/garden products fell 4.9% YoY (down 0.3% MoM) and the furniture/bedding category fell 0.9% YoY (down 0.3% MoM).
In certain categories with persistent inflation, YoY price increases have slowed in recent months. Grocery prices were up 10.3% YoY (up 0.4% MoM), down from February 2023's 11.4% YoY increase. This marks the sixth consecutive month where YoY price increases for groceries have decelerated from September's record high, when prices rose 14.3% YoY. In the personal care category, prices were up 4.4% YoY (down 1.5% MoM); Contrast this with February 2023, when personal care prices were up 6.1% YoY. In another category such as apparel, prices rose 6.6% YoY (up 1.8% MoM)-an uptick from February 2023's 5.1% YoY increase-but down from February 2022, when apparel prices were up 16.7% YoY.
Notable categories in the Adobe Digital Price Index for March
Adobe's Digital Price Index provides the most comprehensive view into how much consumers pay for goods online, complementing the Bureau of Labor Statistics' Consumer Price Index, which captures offline prices. Powered by Adobe Analytics, the DPI 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 drugs and office supplies.
In March, 10 of the DPI's 18 categories saw YoY price decreases, with the flowers/related gifts category falling the most at 24.3% YoY. Eight categories experienced YoY price increases, including personal care, office supplies, pet products, groceries, non-prescription drugs, tools/home improvement, medical equipment/supplies and apparel.
On a MoM basis, 10 of the 18 categories in the DPI saw prices fall. Price increases were observed in eight categories including office supplies, jewelry, pet products, groceries, non-prescription drugs, appliances, medical equipment/supplies and apparel.
Notable categories for March 2023 include:
Groceries: Prices rose 10.3% YoY (up 0.4% MoM) but have slowed in the past six months, rising 11.4% YoY in February, 12.6% YoY in January, 13.5% YoY in December, 13.7% YoY in November and 14% YoY in October. In September, prices peaked, rising 14.3% YoY. Consumers are increasingly buying more of their groceries online and this category has generally moved in lock step with the Consumer Price Index.
Personal Care: Prices were up 4.4% YoY (down 1.5% MoM), a smaller increase than the month prior when prices rose 6.1% YoY (February 2023). The category has seen persistent inflation online, with prices rising for 16 consecutive months after dropping 0.9% YoY in November 2021.
Furniture and Bedding: Prices were down 0.9% YoY (down 0.3% MoM), marking the second consecutive month where prices have fallen on an annual basis (down 0.1% YoY in February 2023). Prior to this, prices for the category had risen for 33 consecutive months, peaking in March 2021 (up 5.7% YoY). Consumers have become increasingly comfortable buying furniture online, after a pandemic where many wanted to spruce up their living spaces and had no choice but to tap e-commerce.
Electronics: Prices have fallen sharply in recently months, dropping 12.9% YoY in March (down 1.3% MoM) and 12.6% YoY in February. Contrast this with a year ago, in February 2022, when prices were down 3.2% YoY. As a major discretionary category, electronics prices continue to see sharp drops even after the holiday shopping season, where prices fell 12% YoY in December and 13.4% YoY in November due to heavy promotions.
Apparel: Prices were up 6.6% YoY (up 1.8% MoM). Although this is an uptick from the month prior-when prices rose 5.1% YoY in February 2023-price increases for the category have cooled in recent months, rising 5.1% YoY in January and 0.9% YoY in December. Compare this to a year ago, when prices rose 15.8% YoY in January 2022 and 16.6% YoY in December 2021.
Methodology
Adobe's 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's AI and machine learning framework Adobe Sensei and manual effort to segment products into the categories defined by the CPI manual. The methodology was first developed alongside renowned economists Austan Goolsbee and Pete Klenow. Adobe Analytics is part of Adobe Exp
LINK: | https://news.adobe.com/news/news-details/2023/Media-Alert-Adobe-Digita... |
See more stories from adobe |
Most recent headlines
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
15/05/2024
UKTV Ventures partners with The Farewell Guide in 1million airtime-for-equity deal
12th March 2024 - Award-winning broadcaster UKTV has today announced it has inve...
15/05/2024
Give Me the Backstory: Get to Know Jianjie Lin, the Writer-Director Behind Brief History of a Family
By Bailey Pennick One of the most exciting things about the Sundance Film Festi...
15/05/2024
De viktigaste insikterna frn Spotifys rliga Loud & Clear-rapport
Med sin rliga royaltyrapport Loud & Clear kar Spotify transparensen i musikindustrin, s att artister, l tskrivare, fans och hela musikbranschen f r en st rre...
15/05/2024
Chegaram as ltimas estatsticas: Artistas brasileiros geraram mais receita e alcanaram mais fs no Spotify - basta perguntar Anitta
Nos ltimos 10 a 15 anos, a mudan a para o streaming de udio transformou comple...
15/05/2024
The Latest Stats Are In: Brazilian Artists Generated More Revenue and Reached More Fans on Spotify-Just Ask Anitta
Over the last 10-15 years, the move toward streaming audio has completely transf...
15/05/2024
Celebrating 80 years of success in Morganton
On May 15th, we celebrate the 80th anniversary of the SGL Carbon site in Morganton, North Carolina. The entire SGL Morganton family came together to celebrate t...
15/05/2024
SBS Audio marketing campaign tells the stories of new Australians, with multilingual content offerings to assist migrants
SBS Audio marketing campaign tells the stories of new Australians, with multilin...
15/05/2024
ST Engineering iDirect's SKYflow Wins 2024 NAB Show Product of The Year Award
The pioneering satellite OTT solution clinched the Hardware Infrastructure award...
15/05/2024
L3Harris CEO to Present at Bernstein Annual Strategic Decisions Conference
MELBOURNE, Fla., May 15, 2024 - L3Harris Technologies (NYSE:LHX) Chair and CEO Christopher E. Kubasik will present at the Bernstein Annual Strategic Decisions C...
15/05/2024
Netflix to Stream Live Christmas Day NFL Games
In a major example of how large streaming services are successfully battling for lucrative sports rights, Netflix has announced that it has secured global right...
15/05/2024
NAB Show: Creative Lens on Live Sports
LAS VEGAS The premise of the 2024 NAB Shows Creative Lens on Live Sports: Next Gen Video Production and Fan Experiences session was very simple to understand if...
15/05/2024
ATEME Integrates Advanced HDR by Technicolor into TITAN Encoders
SILVER SPRINGS, Md. Encoder specialist ATEME has integrated Advanced HDR by Technicolor into its TITAN video compression solution, Technicolor said today....
15/05/2024
Berklee Artists to Perform at Major US Music Festivals this Summer and Fall
Berklee Artists to Perform at Major US Music Festivals this Summer and Fall The Berklee Popular Music Institute arranged placements at top festivals including...
15/05/2024
ABC Sets The Golden Bachelorette' for Fall Schedule
ABC shared its 2024-2025 fall schedule hours before the Disney upfront presentation Tuesday, May 14. There's The Golden Bachelorette, a new Ryan Murphy show...
15/05/2024
Alicia Keys Kicks Off Amazon Upfront Show, Reese Witherspoon Wraps It Up
Amazon's first-ever upfront presentation, at Pier 36 in Lower Manhattan, got a late start due to its remote location. But the energy spiked when Alicia Keys...
15/05/2024
Disney Upfront Welcomes Back Bob Iger and Jimmy Kimmel
The Walt Disney Co.'s upfront presentation went on with a connections theme, and Bob Iger himself appeared onstage moments after it began. Emma Stone introd...
15/05/2024
Hulu's Under the Bridge' Tops TVision Power Score Rankings
Hulu's Under the Bridge moved up to take the top spot in TVision's Power Score rankings of the top shows on connected TV for the week of May 6....
15/05/2024
The CW Gets Rights to 11 PAC-12 Football Games
BURBANK, Calif. The CW Network has announced it will be the broadcast home for 11 Pac-12 football games featuring Oregon State and Washington State during the u...
15/05/2024
Nielsen: Disney Is Top Media Distributor with 11.5% of TV Usage
NEW YORK Disney has landed on top of Nielsens newly launched Media Distributor Gauge, which offers its first cross-platform view of total TV consumption across ...
15/05/2024
Max Sets a May 21 Streaming Debut for 'Dune: Part Two
Warner Bros. Discoverys Max streaming services has finally set a launch date for Dune: Part Two with the announcement that the film will begin streaming on Thur...
15/05/2024
FCC Establishes Spectrum Steering Team
WASHINGTON, D.C. FCC Chairwoman Jessica Rosenworcel has announced the establishment of the Spectrum Steering Team that will lead the FCC's efforts to develo...
15/05/2024
Gary Heelas joins TSL as principal engineer
TSL said the appointment marks a strategic enhancement in the companys commitment to focusing on UK and US-designed and manufactured solutions By Jenny Priestl...
15/05/2024
Is Sony about to pull out of its bid for Paramount?
Sony and Apollo may decide to acquire Shari Redstone's National Amusements, which is the controlling shareholder of Paramount Global By Jenny Priestley P...
15/05/2024
Presteigne Broadcast Hire enters administration
The company appointed administrators yesterday (May 14th) By Jenny Priestley Published: May 15, 2024 The company appointed administrators yesterday (May 1...
15/05/2024
Matrox Video Demos at InfoComm 2024 Will Showcase New AVo...
Technology innovator Matrox Video today announced that the company will highlight its leading AV-over-IP (AVoIP) technologies including the brand-new, next-g...
15/05/2024
RMi Amplifies Connectivity and Clarity at Major 2024 Musi...
Riedel Communications today announced its pivotal role in bringing unparalleled audio clarity and connectivity to one of the U.S.'s biggest 2024 music and a...
15/05/2024
Chyron Unveils Significant Updates to Chyron LIVE Cloud P...
Chyron today released a series of significant updates to its Chyron LIVE cloud-native live production platform that were demonstrated at the 2024 NAB Show in La...
15/05/2024
VisualOn to Showcase Revolutionary Optimizer Content-Awar...
VisualOn, a leader in video software technology, is set to unveil its groundbreaking Optimizer suite at Broadcast Asia 2024. The unveiling will take place in th...
15/05/2024
StreamVue announce exclusive parnership with DigiBox
StreamVue, one of the global leaders in IPTV and digital signage solutions is excited to announce an exclusive distribution partnership with DigiBox, one of the...
15/05/2024
Vega Project Uses Blackmagic Design Workflow for XR Studio in Hilton Tokyo
Vega Project Uses Blackmagic Design Workflow for XR Studio in Hilton Tokyo Brie Clayton May 14, 2024 0 Comments Blackmagic Design announced today that...
15/05/2024
Chaos Releases V-Ray 6 Benchmark
Chaos Releases V-Ray 6 Benchmark Brie Clayton May 14, 2024 0 Comments Popular Rendering Benchmark Brings Back CPU/GPU Stats in a Minute; New Benchmark...
15/05/2024
Rose City Futsal Sets New Standard for Community Sports Venues with AI-Automated Sports Production & Streaming Solution
Rose City Futsal Sets New Standard for Community Sports Venues with AI-Automated...
15/05/2024
That Station Artist Notes Series Returns This Summer
Artist Notes is back! Join That Station this summer for the conversation and concert series where you get to hear an artist on stage to not only play music, but...
15/05/2024
Assembling Disney's Upfront: It Takes More Than Magic (Video)
A lot goes into making The Walt Disney Co.'s upfront presentation....
15/05/2024
Madhive Names Premion Founder Jim Wilson President
Madhive, which provides technology for local connected TV advertising, said that it named Jim Wilson as president....
15/05/2024
Amazon Prime Video Swings With Nicholas Cage Spider-Man Series
At its first upfront presentation to advertisers, Amazon Prime Video announced new series and renewed some of its hits....
15/05/2024
Nielsen Crowns Disney in New Ranking of Media Distributors
Nielsen released a new ranking of companies in the media distribution business, including broadcast, cable and streaming, and The Walt Disney Co. was at the top...
15/05/2024
Latin Culture Is Key at TelevisaUnivision Upfront
TelevisaUnivision told advertisers at its upfront presentation Tuesday about more ways they can connect with Latin culture, including through music and live eve...
15/05/2024
VEON Publishes Annual Corporate Governance Report for Financial Year 2023
15 May 2024 VEON Publishes Annual Corporate Governance Report for Financial Year 2023 Amsterdam, 15 May 2024 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEO...
15/05/2024
VEON and Beeline Kazakhstan Partner with GSMA and Barcelona Supercomputing Centre to Support Use of AI in Local Languages
15 May 2024 VEON and Beeline Kazakhstan Partner with GSMA and Barcelona Superco...
15/05/2024
TRIBECA FESTIVAL AND CHANEL HOST THROUGH HER LENS CONVERSATION, JUNE 7 AT CROSBY HOTEL
May 15th, 2024 Press Materials Available Here TRIBECA FESTIVAL AND CHANEL HOST...
15/05/2024
Thuraya unveils groundbreaking next generation IP NEO terminal developed in collaboration with Cobham Satcom
Abu Dhabi, 15 May, 2024 : IP NEO is a Thuraya 4-ready lightweight portable sate...
15/05/2024
Thuraya unveils groundbreaking next generation IP NEO terminal developed in collaboration ...
Abu Dhabi, 15 May, 2024 : IP NEO is a Thuraya 4-ready lightweight portable sate...
15/05/2024
MAGYAR TELEKOM RESULTS FOR THE FIRST QUARTER OF 2024
MAGYAR TELEKOM RESULTS FOR THE FIRST QUARTER OF 2024 Budapest, May 15, 2024 17:35 Magyar Telekom today reported its consolidated financial results for the...
15/05/2024
Tech Focus: Production Music, Part 1: Changes Come to the Sports Sector
Tech Focus: Production Music, Part 1: Changes Come to the Sports Sector Spurring the changes are increased custom-music demand, RSN turmoil, legal issues, AI B...
15/05/2024
SVG Sit-Down: Diversified's Justo Gutierrez Explores the Evolution of Sound for Sports Venues
SVG Sit-Down: Diversified's Justo Gutierrez Explores the Evolution of Sound ...
15/05/2024
SVG Sit-Down: Audiotonix' CEO James Gordon on Utilizing the Company's Brands for Smart Investment
New deal: Audiotonix' CEO James Gordon on utilising the company's brands...
15/05/2024
Commentary Revolution: DAZN's Technical Production Manager Max Mosgraber Talks Doing More With Less
Commentary revolution: DAZN's technical production manager Max Mosgraber tal...