Bank of America: Overall online consumption in Q1 increased by 11% year-on-year, with penetration rate expanding to 30.1%

Glonghui April 9th｜According to Bank of America’s aggregated credit and debit card data, online spending in March increased by 12% year-on-year, accelerating by 1 percentage point compared to February. In addition, total online spending in the first quarter grew by 11% year-on-year, outpacing the 8% growth in the fourth quarter and surpassing physical store spending, which remained unchanged year-on-year; online penetration rate expanded by 2.1 percentage points year-on-year to reach 30.1%. The data suggests that Amazon’s North American retail business may still have upside potential.