U.S. Retail E-Commerce Growth Slows to 1 Percent in October as Concerns about Inflation, Jobs and the Financial Markets Cause Consumers to Curb Spending
October Represents Softest Year-Over-Year Online Spending Growth on Record
RESTON, VA, November 18, 2008 – comScore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today released its monthly retail e-commerce sales estimates, which showed that online spending in October 2008 grew by only 1 percent over October 2007, the lowest monthly growth rate since comScore began tracking e-commerce in 2001. 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 to 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,” said comScore chairman, Gian Fulgoni. “October represented the softest single-month of online retail growth on record, and we can only hope that the recent sharp drop in oil prices will cause a continued easing of inflation and a strengthening in consumer spending as we enter the critical holiday shopping season.”