U.S. E-commerce Consumption Returns to Rapid Growth Track: Q2 Growth Hits 12.2%, Penetration Rate Rises to 17.1%

According to foreign media reports, U.S. e-commerce spending grew 12.2% in the second quarter of this year, marking the fastest growth rate in five years, and accounting for 17.1% of total retail expenditure, a new all-time high. This marks the second consecutive quarter of double-digit growth for U.S. e-commerce – a trend last seen four years ago. Meanwhile, the e-commerce penetration rate has hit a record high for the fourth straight quarter.

This signals that after a year where online sales barely gained market share from brick-and-mortar stores, the shift of U.S. consumer spending to the internet has restarted. It is reported that for the full year last year, U.S. e-commerce grew by roughly 5% per quarter, while physical retail maintained its usual growth pace. At the time, market consensus was that U.S. e-commerce growth had stabilized in the 5%-8% range. But consumers did not stop spending during those quarters – they simply temporarily slowed the usual pace of their shift to online channels over a roughly one-year window. Coinciding with that period, tariffs and the elimination of the "de minimis" exemption hit several categories that had previously been the fastest growing online. Now, that growth momentum is back.

Pricing has acted as a "beauty filter" for this recovery. Foreign media reports note that overall U.S. retail sales grew 6.7% in the second quarter, the fastest rate since 2022. When all segments of retail accelerate simultaneously, the cause is usually pricing rather than demand. For the full year 2024, commodity prices were largely flat or declining, but they are now rising – a trend that has pushed up sales figures. Roughly one-third of the recent acceleration comes from higher price tags, while real growth excluding price effects is close to 8%, roughly returning to 2024 levels. Against the backdrop of a stagnant 2025, this still represents the best market performance in three years; but viewed against 2024 benchmarks, this looks more like a return to the previous growth trajectory rather than an upward breakout.

In addition, it is worth noting that the largest e-commerce platforms all outperformed the overall market growth rate, with some even doubling the market average. Walmart's U.S. online sales grew 24%, its advertising business grew 38%, while its overall U.S. business grew by just 3.5%. Shopify's North American merchant gross merchandise value rose 28%. Amazon's first-party online store sales grew 15%.

This article was first published on the official Ebrun website.