Adobe CEO says ecommerce is seeing price drops and foresees a strong future for online shopping
Several ecommerce categories are seeing a drop in prices and support the expectation that digital shopping among consumers will hold up. Adobe Chief Executive Shantanu Narayen told CNBC’s Jim Cramer Thursday.
“When you look at total spending, as well as macro spending, where there might be a little more concern, what’s going on is that you’re actually seeing some price reductions in things like electronics or things that are happening with games. “, Narayen said in an interview on”crazy money. “
Food inflation is still high, he added.
Comments from the CEO come a day before Consumer Price Index for May – which measures data mostly from non-online outlets – is expected to come out. Wall Street was nervously awaiting Thursday’s data as a measure of the state of inflation, with shares tumbling for the day.
Narayen also noted that consumer spending increased by $ 1 billion from April to May, according to Adobe’s latest digital economy index.
“It’s not going to change anything as far as people are saying, ‘I want to engage in digital, I want to maybe buy digitally, physically withdraw and you know, the multi-channel thing,’” he said.
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