Study: October online spending slowest on record

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Study: October online spending slowest on record

November 20, 2008

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Reston, Va.--Online spending in October 2008 increased by only 1 percent over October 2007, the lowest monthly growth rate since ComScore began tracking e-commerce in 2001.

October represents the sixth consecutive month this year of slowing retail e-commerce growth rates, after reaching a height of 28 percent in August 2007.

The overall softness in online retail spending was precipitated by curtailed spending across mid- to lower-income segments, with households earning less than $50,000 exhibiting negative spending growth compared with a year ago.

"While rising prices remained consumers' biggest concern in October, it's clear that the increase in the country's unemployment rate along with the shock of the financial market meltdown have had a negative impact on the psyche of the American consumer, and the effects were clearly felt in the online retail sector," ComScore Chairman Gian Fulgoni said in a media release.

Other ComScore surveys conducted in July and October reveal a marked shift in consumers' top economic concerns. Specifically, while rising prices remained the top overall economic concern in October, consumers have become increasingly worried about unemployment/job security and the health of the financial markets. Households earning at least $100,000 indicated that the state of the financial markets was their biggest economic concern, with a sharp increase from 14 percent in July to 49 percent in October. Those earning less than $100,000 showed marked increases in concern about unemployment and job security.

"It's clear that worry, concern and even fear are the prevailing consumer sentiments at the moment, and this is causing all income segments to pull back their spending," Fulgoni said. "With the financial markets still volatile and more job cuts looming, it would appear the only near-term ray of hope for this year's holiday shopping season is that the sharp drop in oil prices will cause an easing in inflation and provide a much needed boost in consumers' spending power."

ComScore is a global leader in measuring the digital world and a source of digital marketing intelligence. For more information, visit its Web site, Comscore.com/boilerplate.

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