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Online consumer spending – a main driver of the U.S. economy – is rebounding after a brief interruption following the election, according to Adobe Analytics.
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On Nov. 6, consumers spent a total of $2.1 billion online, an increase of 9% compared to a year ago. Two days later, when media organizations projected former Vice President Joe Biden and his running mate, Kamala Harris, the winners of the presidential election, online spending notched $2.5 billion, a growth of about 26% compared to a year ago.
The upward trend continued throughout the week with consumers spending $2.4 billion on Nov. 9 followed by another $2.5 billion on Nov. 10.
ONLINE SALES NOTCH $2B ON ELECTION DAY: ADOBE ANALYTICS
However, the numbers showed a different story immediately following Election Day, according to Adobe.
Following Election Day, U.S. consumers spent a total of $1.9 billion online on Nov. 4, a 12% decrease compared to the three days prior. Spending hit the same figure on Nov. 5, down 2% compared to the same time last year.