E-commerce Sales Growth Slowed in Third Quarter
Online spending grew 6 percent during the third quarter of this year compared to the same period last year, a slowdown compared to the year-over-year growth rates of 12 percent in the first quarter and 13 percent in the second quarter of 2008 versus the respective quarters from 2007. Total U.S. online retail sales, excluding travel, were approximately $30 billion in the third quarter.
These were key findings from Reston, Va.-based digital measurement firm comScore's Q3 2008 retail e-commerce report.
As for specific product categories, video games, consoles and accessories remains one of a handful of high-performing online categories, rising 60 percent in the third quarter of 2008 versus the same quarter a year ago, according to comScore's report. Another top performer, furniture, appliances and equipment, was up 52 percent. In addition, the sport and fitness category was up 40 percent.
Categories that haven't performed as well this year as last year include jewelry and watches (down 11 percent), and music, movies and videos (down 29 percent). Other categories also faring poorly were apparel and accessories (down 2 percent), and toys and hobbies (down 3 percent).
In addition to this data, which was gleaned from comScore's global opt-in behavioral panel, comScore also surveyed more than 1,000 consumers in October to gather attitudes on the economy. The survey concluded that the majority of consumers are fearful of the future, with 82 percent stating they are more afraid about their economic future than ever before. Twenty-six percent of respondents said they believe the economy will be better a year from now, however.