US Oct Online Retail Sales Up Just 1% - ComScore
By Daniel at 18 November, 2008, 12:16 pm
NEW YORK (Dow Jones)–Online retailers are feeling the economic pinch like
brick-and-mortar shops, with Internet retail sales up just 1% in October,
according to comScore Inc. (SCOR), the lowest monthly growth since the firm began
tracking the figure in 2001.
Monthly sales growth has been slowing since April, down to 5% in September from
the year-ago period, as consumers became increasingly more worried about holding
onto their jobs and due to the meltdown in the financial markets, comScore said.
Families making less than $50,000 a year have cut back on their online spending
most, with a 3% decline over the last three months.
Households making more than $100,000, meanwhile, have increased their online
spending 14% during that time, according to comScore.
Monday, Lazard Capital cut earnings estimates on Amazon.com Inc. (AMZN) on
concerns that weak online spending trends and deteriorating order volumes could
pressure the online retailer.
Amazon.com shares are up a fraction in recent trading at $39.84, after falling
nearly 5% Monday.
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