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Worst since 2001
Online spending for October grew at the slowest pace since at least 2001.
According to comScore, online spending increased just a percent last month from the year-ago period. This marks the slowest sales pace for any month since the Chicago-based company began tracking the data seven years ago.
While economic worries seem to be at the top of the reasons for a drop in sales, comScore said that it was mostly a fear of unemployment which was troubling the online sector. Last year, online sales for the November-December period rose 19 percent, but Web sales have steadily declined since January, with business falling off dramatically starting in July.
Online retail spending from August through October grew four percent compared to the year-ago period, with spending declining three percent among households making less than $50,000. Among households with income between $50,000 and $100,000, spending rose a percent, while those making at least $100,000 increased their spending by 14 percent.
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Online sales growth slows
Worst since 2001
Online spending for October grew at the slowest pace since at least 2001.
According to comScore, online spending increased just a percent last month from the year-ago period. This marks the slowest sales pace for any month since the Chicago-based company began tracking the data seven years ago.
While economic worries seem to be at the top of the reasons for a drop in sales, comScore said that it was mostly a fear of unemployment which was troubling the online sector. Last year, online sales for the November-December period rose 19 percent, but Web sales have steadily declined since January, with business falling off dramatically starting in July.
Online retail spending from August through October grew four percent compared to the year-ago period, with spending declining three percent among households making less than $50,000. Among households with income between $50,000 and $100,000, spending rose a percent, while those making at least $100,000 increased their spending by 14 percent.