US Retail E-Commerce Sales Dismal in Fourth Quarter
According to comScore’s latest retail e-commerce sales figures for the U.S., the fourth quarter of 2008 was the first time the company observed a negative year-over-year percent change.
Online retail spending declined 3 percent in the fourth quarter compared to the same period in 2007, capping off a difficult year for online retailers, according to comScore Chairman Gian Fulgoni.
“The financial market meltdown that began in the fall dramatically reduced consumers’ discretionary spending power, resulting in the first quarter of negative growth that we’ve observed,” he said.
“As we enter 2009 with rising unemployment and continued economic uncertainty, the first few months of the year will be especially critical in foretelling what 2009 has in store for the online retail sector.”
The full year of 2008 saw online retail spending grow 6 percent to $130.1 billion.
Year-over-year growth was 11 percent in the first quarter of 2008, 13 percent in the second quarter and 6 percent in the third quarter.
This compares to noticeably faster growth of 17 percent in the first quarter of 2007, 23 percent in the second quarter, 23 percent in the third quarter and 19 percent in the fourth quarter.
The video games, consoles & accessories category stayed afloat with 29 percent year-over-year growth in online sales thanks to the continued popularity of the Nintendo Wii, Sony PlayStation 3 and Microsoft Xbox 360.
The home, garden & furniture category also saw strong growth of 25 percent, followed by sports & fitness which also grew 25 percent.
Event tickets saw a 13 percent boost in year-over-year online sales, while consumer electronics saw 9 percent growth and apparel & accessories saw 4 percent growth.
Music, movies & video saw the biggest decline in online sales, dropping 23 percent year-over-year.
Computer software (excl. PC games) also saw a big drop of 18 percent, while jewelry & watches saw a 12 percent decline in online sales.
Office supplies saw a 10 percent decline, as did flowers, greetings & gifts. Books & magazines saw an 8 percent drop in online sales, toys & hobbies saw a 7 percent decline and computer hardware saw a 5 percent decline.
Source:
http://www.comscore.com/press/release.asp?press=2720
