Several e-commerce categories are seeing price drops and supporting the expectation that digital shopping among consumers will continue, Adobe Chief Executive Shantanu Narayen told CNBC’s Jim Cramer on Thursday.
“When you look at total spending, in addition to the macro economy, where there may be a little more concern, what happens is you actually see price drops in things like electronics or things that happen with games,” Narayen said in an interview on “Mad Money.”
Grocery inflation is still high, he added.
The CEO’s comments come a day before the release of May’s consumer price index – which primarily measures data from non-online outlets. Wall Street was eagerly awaiting Thursday’s data as a gauge of the state of inflation, with stocks falling 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.
“Nothing’s going to change when it comes to people saying, ‘I want to do digital engagement, maybe I want to digitally buy, physically pick up and you know, the multi-channel thing,'” he said.
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