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Share Name | Share Symbol | Market | Type |
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Adobe Inc | NASDAQ:ADBE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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9.33 | 1.96% | 485.9023 | 486.20 | 489.98 | 487.49 | 477.565 | 482.39 | 2,833,206 | 01:00:00 |
UK Travel Costs Impacted by Brexit; Prices for Groceries and Other Essential Goods Decreased Less than Non-Essential Goods
Adobe (NASDAQ:ADBE) today announced the release of its fifth monthly Digital Price Index (DPI) for June, which reveals the impact of Brexit on UK travel prices and incorporates data for over-the-counter (non-prescription) drugs and medical equipment and supplies for the first time. Prices for London flights and hotels decreased significantly unlike other comparable destinations while prices for over-the-counter drugs increased slightly month-over-month (MoM). By leveraging big data, the DPI offers more accuracy and granularity in measuring U.S. inflation, filling a hole that existing economic reporting is unable to capture.
Through the analysis of 15 billion website visits and online transactions for over 2.2 million different products, Adobe’s June report shows continued deflation in the vast majority of goods and services the DPI tracks, with essential goods such as groceries and medical supplies seeing significantly less deflation than non-essential goods such as electronics and sporting goods. Tablets, televisions and appliances drove the most deflation from May to June with up to 3.5 percent, while over-the-counter drugs, international airfares and toys saw the highest inflation rates with up to 2.5 percent. Prices for over-the-counter drugs increased 0.5 percent MoM, while prices for medical equipment and supplies decreased 0.2 percent. In addition, June’s data reveals that 16 percent of the month’s online spend for groceries was on new products while electronics saw an average of 80 percent of online spend on new products.
“While international airfares were one of the few categories that saw prices increase between May and June, prices for London flights and hotels specifically decreased significantly with 8.5 and 3.0 percent respectively,” said Mickey Mericle, vice president, Marketing and Customer Insights at Adobe. “In addition to lower fuel costs, the recent devaluation of the British Pound appears to be a contributing factor to lower travel costs to the UK.” The DPI’s travel prices are in dollars.
By tracking $7.50 out of every $10 spent online with the top 500 U.S. retailers,* the DPI is able to analyze billions of digital transactions. Adobe is the first company to conduct a digital-centric analysis based on real-time access to price-paid data and actual quantities sold. Unlike other models, Adobe Digital Insights leverages the Fisher Ideal Price method, which uses actual quantities purchased to measure inflation and is recognized by leading economists as the gold standard for the calculation of inflation. In contrast, the Bureau of Labor Statistics’ Consumer Price Index (CPI) relies on consumer surveys to approximate the actual sales in each product category tracking only 87,000 products.
“The great precision of the DPI in measuring inflation can be seen in the fact that its standard errors are, on average, one-third of those in the CPI,” said Pete Klenow, professor, department of economics at Stanford University. “Big data will continue to play a critical role in the development and analysis of economic reporting, and Adobe’s access to billions of digital transactions clearly sets itself apart.”
“Adobe’s data shows that essential items have been seeing less deflation than non-essentials,” said Austan Goolsbee, professor of economics at The University of Chicago's Booth School of Business and former chairman of the Council of Economic Advisers for President Obama. “Depending on the causes, this can lead to a greater share of consumers’ budgets going to essentials or to significant changes in consumer demand patterns. We will need to pay close attention to how manufacturers respond to consumer demand.”
Latest findings include:
The Adobe Digital Economy Project June report can be found here.
About Adobe
Adobe is changing the world through digital experiences. For more information, visit www.adobe.com.
*Source: Internet Retailer’s 2015 Top 500 eGuide
© 2016 Adobe. All rights reserved. Adobe and the Adobe logo are either registered trademarks or trademarks of Adobe Systems Incorporated in the United States and/or other countries. All other trademarks are the property of their respective owners.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160714005357/en/
AdobeAshley Levine, 415-832-4161aslevine@adobe.comStefan Offermann, 408-536-4023sofferma@adobe.com
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