Online holiday spending between November 1 and December 14 increased 18 percent compared to the same time period last year reaching $22 billion according to comScore.
Monday, December 10 reached $881 million in sales (up33 percent versus last year), registering as the heaviest online spending day of the season and the heaviest online spending day on record.
“Despite the strong surge in spending we observed at the beginning of last week, with both Monday and Tuesday easily surpassing $800 million in sales and showing very strong growth rates, the remainder of the week saw more modest spending,” said comScore Chairman Gian Fulgoni.
“However, we anticipate that spending at the beginning of this week will again be strong with most free shipping deals available until Tuesday, December 18.”
This year’s 18-percent online retail spending growth rate is well below the 26-percent rate at the same time last year. An analysis of online spending by household income indicates that slower growth among lower income households is weighing the overall season-to-date growth. Households earning $100,000 have increased their online spending 28 percent versus a year ago, households making less than $50,000 have increased their spending by just 10 percent.
“The current economic realities appear to be having a negative impact on the growth in consumer spending,” added Mr. Fulgoni.
“From the sub-prime housing meltdown to a decline in home values to higher gas prices and an uncertain stock market, many consumers across all income segments are either feeling the pinch this holiday season or are lacking the confidence to spend at the rate they had in the past. Consumers in lower income segments appear to be the most affected, as evidenced by the sluggish growth in their rate of online spending.”
