Online consumers plan to spend more online this year
November 15, 2008 by Admin
The Conference Board and TNS in New York’s latest report shows that consumer spend online will increase again this year.
Even though online shoppers plan to spend less in stores this holiday season, planned spending online is up slightly, compared to the same quarter last year. Online households planning to spend more than $500 in stores declined to 16 percent from 21 percent last year. Those planning to spend more than $500 online rose to 5 percent from 4 percent last season.
Those planning to spend between $100 and $499 in stores declined to 57 percent from 61 percent last year, while those planning to spend that amount online edged up to 36 percent from 35 percent last year.
Online households planning to spend less than $100 in stores increased to 22 percent from 16 percent last year. Those planning to spend that amount online rose to 32 percent from 29 percent.
“Despite slowing retail sales in many channels this holiday season, online shopping is likely to be one of the few bright spots this holiday season,” reports Mary Brett Whitfield, Director of the Retail Forward Intelligence System(TM) of TNS Retail Forward. Online sales across retail channels are forecast to grow 9 percent this holiday season, compared with a total retail sales forecast of just 1.5 percent growth this year in the key holiday shopping retail sectors. TNS Retail Forward forecasts online sales to reach $42.5 billion in the fourth quarter, up $3.5 billion from last year. “The convenience of shopping online still resonates with many holiday shoppers, even in a slow economy,” adds Whitfield.
