E-Commerce & Economy Not So Hot
Comscore released its Q3 2008 retail e-commerce report, which showed that online spending grew just 6 percent in Q3 2008 versus the same period last year, a slowdown compared to the year-over-year growth rates of 12 percent in Q1 and 13 percent in Q2 2008. Couple this report with a HitWise report that US visits to online retail websites have declined for the eight consecutive week to 2.92% of all US web visits. According to HitWise, the declines are the first decreases in retail traffic this year and reflect consumers decreased spending.
comScore also 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 percent stating they are more afraid about the economic future than ever before. Additionally, only a quarter (26 percent) of respondents said they believe the economy will be ‘better’ a year from now.