Shopping in categories like jewelry and watches and apparel helped boost online retail spending 14% in July from a year ago, according to a new analysis by RBC Capital Markets, citing comScore data. That rate was faster than the 10% growth in the second quarter overall, and the 8% increase the prior month.
Jewelry led the way with online sales up 18%, followed by clothing and accessories (17%), and packaged goods (16%). The only non-travel category with single-digit growth was books and magazines, up 7%. Online travel, separately, had a spending increase of 10% in July year-over-year — slightly above the 9% level for the quarter — and 9% in June.
Overall, the investment bank projects U.S. online retail sales will grow 16% to $305 billion this year, with online travel increasing 8% to $149 billion.
