Online spending reaches record high [12/18/2006]

Online shoppers set a single-day spending record last week - and broke it two days later - while holiday season spending is so far up 25 percent from last year, according to comScore.

During the first 45 days of the holiday season (Nov. 1 - Dec 15), total online retail (non-travel) spending reached $19.5 billion, a 25-percent increase from the $15.7 billion in during the corresponding period in 2005. And on Monday, Dec. 11, consumers set a single-day record for online spending with $661 million - and two days later broke that record with $667 million spent online.

"The growth rate of online retail spending accelerated during the latter part of last week, with sales on Friday, December 15, growing 38 percent versus the corresponding day last year," said Gian Fulgoni, chairman of comScore Networks. "This demonstrates consumers' willingness to rely on retailers' late-season shipping guarantees."

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The growth rate versus a year ago accelerated toward the end of the week, demonstrating that consumers are continuing to shop online later this season.

"Retailers have been aggressive this year with their online marketing efforts, targeting consumers with early-season promotions," said Fulgoni. "And now they're looking finish off the season strong by tempting consumers to continue shopping online later, with guarantees of on-time delivery for items purchased as late as December 18."

Source: marketingvox.com
December 18,2006

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