Growth in online spending slowed for the fifth consecutive month in September to 5% – the lowest recorded by comScore Inc since it began tracking e-commerce sales in 2001.
E-commerce sales grew 6% in Q3 2008 versus the same period last year, a slowdown compared to the year-over-year growth rates of 12% in Q1 and 13% in Q2 2008. The good news for sporting goods, however, is that spending on sporting goods grew at a much higher 40% clip during the third quarter.
Total U.S. online retail sales (excluding travel) were approximately $30 billion in Q3.
In addition to reporting this data from comScores passively-observed behavioral panel, comScore surveyed more than 1,000 consumers in October 2008 to gather attitudes on the economy. The study revealed that the majority of consumers are fearful of the future, with 82% stating they are more afraid about the economic future than ever before. Additionally, only a quarter (26%) of respondents said they believe the economy will be better a year from now.
So far this year, retail e-commerce growth rates have fallen from levels of 18% to 20% observed during Q4 of 2007 to a growth rate of only 6% in Q3 2008.
|
Growth in Retail e-Commerce Consumer Spending by Product Category |
|
|
Product Category |
Percent Change Q3 2008 vs. Year Ago |
|
Total Retail Category (Excludes Travel) |
6% |
|
Video Games, Consoles & Accessories |
60% |
|
Furniture, Appliances & Equipment |
52% |
|
Sport & Fitness |
40% |
|
Event Tickets |
18% |
|
Flowers, Greetings & Misc. Gifts |
14% |
|
Home & Garden |
6% |
|
Consumer Electronics (excluding PC Peripherals) |
1% |
|
Computers, Peripherals & PDAs |
0% |
|
Apparel & Accessories |
-2% |
|
Toys & Hobbies |
-3% |
|
Jewelry & Watches |
-11% |
|
Music, Movies & Videos |
-29% |
