comScore Finds US Retail eCommerce Sales Decline in 4Q2008
For the first time in history, comScore's Q4 2008 retail e-commerce sales estimates showed that online retail spending declined 3 percent versus year ago. For the full year 2008, comScore reported that retail e-commerce grew 6 percent to $130.1 billion, a substantially lower growth rate than in previous years.
"The fourth quarter rounded out what was a particularly challenging year for online retailers," said 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. 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."
A review of quarterly retail e-commerce growth rates depicts the slowdown in the U.S. retail economy during the past two years. Throughout much of 2007, quarterly growth rates remained in the vicinity of 20 percent. However, beginning with Q1 2008 the growth rates began to de-accelerate, culminating in a 3-percent decline in the final quarter of 2008.
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