US Online Spending Growth Stalled in October
In an ominous harbinger of holiday spending, comSCore reported today that US online spending last month grew by only 1 percent over October 2007, down from the 5 percent annual growth rate recorded in September. October saw the lowest monthly growth rate since comScore began tracking e-commerce in 2001.
Retail e-commerce growth rates have fallen from a high of 28 percent in August 2007 to a growth rate of just 1 percent in October 2008. October represents the sixth consecutive month this year of slowing growth rates.
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 reducing their spending compared to a year ago.
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