SMID Internet: Online spend up 16% Y/Y in June with full 2Q now up 13%

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SMID Internet: Online spend up 16% Y/Y in June with full 2Q now up 13%

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Internet/e-Commerce

SMID Internet: Online spend up 16% Y/Y in

June with full 2Q now up 13%

Industry Overview

Online spend 16% in June, accel. 3ppts from 13% in May 14 July 2026

According to BAC aggregated credit & debit card data, Online spending grew 16% Y/Y in Equity

June, accelerating 3ppts vs May, with full Q2 growth now at 13% Y/Y (a 2ppt accel vs United States

Q1). Brick-and-mortar sales grew 3% Y/Y for the quarter, with Online penetration up Michael McGovern

1.8ppts Y/Y to 29.9%. With a strong Prime Day in June elevating the whole eCommerce Research Analyst

sector, Online Spending growth has hit its highest Y/Y% level in multiple years. Comps BofAS+1 415 676 3520

get tougher in 2H, but Q2 growth accelerated 2pts vs. Q1 despite a 4pt tougher comp in mmcgovern@bofa.com

Q2’25, suggesting the uplift is more durable. The acceleration in Online Spending Steven McDermott

underscores our view that AI can act more as an accelerant than a deterrent to Online ResearchBofAS Analyst

Penetration of Retail spending, and we see two counterpoints to the AI bear case in +1 646 855 4472

steven.mcdermott@bofa.com

eCommerce: 1) LLMs appear to be shifting more toward discovery than lower-funnel

Harvey Qin

price comparison; and 2) token & API costs are a practical constraint on the bear case Research Analyst

pertaining to mass-market agentic shopping price & service comparison. BofAS

+1 917 864 5179

huiyu.qin@bofa.com

Wayfair: Online Furniture accelerates to +5% Y/Y in Q2

According to BAC card data, spending on Online furniture grew 6% Y/Y in June, stable

from May. For Q2, spend was up 5% Y/Y, a 4ppt acceleration vs. Q1, with strong growth See the latest BofA on USA report for