Online Spending Two Sizes Too Small?
With the econalypse still playing havoc with global finances, holiday shoppers are behaving pretty much as you’d imagine. They’re spending less–presumably saving up for that awful rainy day when discretionary income is better spent holding onto their homes than on another Wii game under the Christmas tree. According to the latest metrics from comScore (SCOR), online retail sales slowed the second week of December. They slipped one percent, though spending was up three percent from 2007 the week prior. “After a very strong first week of December, e-commerce sales growth slowed somewhat during the most recent week,” said comScore chairman Gian Fulgoni. “However, the week still managed to see a few particularly strong spending days, with sales of $887 million on Tuesday, Dec. 9 surpassing Green Monday last year (Dec. 10, 2007) as the heaviest online spending day on record. With Christmas now fast approaching, look for online retailers to continue to offer enticing last-minute deals, including discounts on expedited shipping, to spur a final wave of spending.”
And that’s exactly what consumers are looking for, according to Google (GOOG).
“We’ve seen quite an increase in queries for things like discounts and bargains and things like that,” Google CEO Eric Schmidt told “Meet The Press” this past weekend. “And we know that shoppers are using the Internet to get better pricing.”