Report: Online holiday spending reaches $16B-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

Report: Online holiday spending reaches $16B

12/9/2009 10:07:53 PM

According to the latest report from ComScore, the most recent week ended Dec. 6 reached $4.6 billion in online holiday spending, heavier than any individual spending week in 2008, but still below two individual weeks in 2007.

Reston, Va.--Online sales for the holiday season to date (Nov. 1-Dec. 6) have increased 3 percent to $16 billion, compared with the corresponding days last year, according to the latest report from ComScore.

The most recent week ended Dec. 6 reached $4.6 billion in holiday spending, heavier than any individual spending week in 2008, but still below two individual weeks in 2007.

The week began with strong weekday spending, led by $887 million on Cyber Monday, but ended on a softer note with negative year-over-year growth rates during the weekend, the report showed.

"After a strong beginning to the week, we saw growth rates decelerate over the weekend to put this past week of holiday shopping in line with our 3 percent growth forecast for the season," ComScore Chairman Gian Fulgoni said in a media release. "We are anticipating heavy spending for the current week, making it an important determinant for how the holiday season as a whole will perform. Hopefully, we'll see a return to the growth rates we observed during the earlier part of this past week, and that the weekend softness was just a temporary hiccup."

Social media influencing holiday purchases

According to the report, 28 percent of those who have begun their holiday shopping this season indicated that social media has influenced their purchases, with 13 percent being influenced by reading a consumer-generated product review, followed by an expert product review (11 percent).

Seven percent indicated they have followed a fan page on Facebook to take advantage of special offers and deals, while 6 percent said they have been influenced by a friend's Facebook status update referring to a particular product.

Five percent indicated they had followed a company on Twitter to take advantage of special offers and deals, while 3 percent said that a friend's "tweet" about a product influenced their purchase behavior.

"Social media really appears to be emerging as an important marketing channel this holiday season," Fulgoni said. "On the one hand, its emergence is being driven by increased consumer adoption of these technologies and the exponential growth in digital word-of-mouth that is occurring over this medium. On the other hand, having a social media marketing strategy makes sense for retailers in this environment because it's cost-effective and shows an effort to get closer to one's customers. I think we are getting our first real glimpse at the impact social media will play on commerce as we enter the next decade."

2009 online holiday spending to date (millions $)

Nov. 1-Dec. 6
2008: $15,473
2009: $15,977
Change: 3 percent

Thanksgiving Day (Nov. 26)
2008: $288
2009: $318
Change: 10 percent

Black Friday (Nov. 27)
2008: $534
2009: $595
Change: 11 percent

Cyber Monday (Nov. 30)
2008: $834
2009: $887
Change: 5 percent

Nov. 30-Dec. 6
2008: $4,449
2009: $4,601
Change: 3 percent

ComScore measures the digital world and is a preferred source of digital marketing intelligence. For more information, visit the company's Web site, Comscore.com/CompanyInfo.

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