Dec 31, 2007 (08:12 AM EST)
Online Holiday Shopping Celebrates 21% Growth
Read the Original Article at InformationWeek
Online holiday shopping roared ahead 21% between Thanksgiving and Christmas, according to a report released Monday by analysts with ComScore.
The survey also measured e-commerce spending from Nov. 1 to Dec. 27, a period in which online spending reached nearly $28 billion, representing a 19% gain. The online measuring company noted also that online sales continued to surge after Christmas.
"The day after Christmas saw online sales of $545 million, more than double the sales on the same day last year," ComScore chairman Gian Fulgoni said in a statement. "This would appear to indicate that consumers were willing and able to take advantage of the attractive late-season promotions and price discounts offered by retailers this year."
Both online and brick-and-mortar retailers this year attempted to entice shoppers with price cuts and coupons. The tactic appeared to produce mixed results as shopping spending overall was lackluster. Early compilations of brick-and-mortar retailers indicated that spending between Thanksgiving and Christmas was up just 3.6% over the previous year. In the two years before that, sales were up each year more than 6.5% between the two holidays.
Fulgoni indicated that warm weather in early November encouraged shoppers to physically visit retailers, impacting online sales negatively.
"However," he added, "of we look at the period between Thanksgiving and Christmas, we see online spending growing at a healthier 21% rate, which I think is encouraging given the economic challenges facing consumers this year as a result of higher gas prices, lower home values, and a jittery stock market."