A holiday shopping forecast from Forrester indicates that the economic downturn will slow consumer spending online.

Analysts at Forrester Research expect a 12 percent e-commerce spending increase in 2008 compared to 2007, estimating total sales of $44 billion. While those with rose-colored retail glasses may be pleased to see double digit growth, the improvement is only half of what it was last year, when e-commerce spending grew upwards of 20 percent from the previous year.

Forrester's survey found that the migration of shoppers to the online channel will continue, but the broader economic woes will have an effect on how much they spend.

Take the WM E-Commerce Survey: As an e-commerce professional, are you expecting higher, lower or about the same sales as the 2007 holiday shopping season online?