U.S. Online Spending $37.5B in Q2
August 09, 11(IDEX Online News) – U.S. online retail spending totaled an estimated $37.5 billion for the second quarter of 2011, up 14 percent versus year ago. This is the seventh consecutive quarter of positive year-over-year growth and third consecutive quarter of double-digit growth rates, according to a comScore report.
The 14-percent growth in the quarter was primarily a function of an increase in the number of buyers (up 16 percent), with 70 percent of all Internet users making at least one online purchase in the quarter.
The top-performing online product categories were: consumer electronics (excluding PC peripherals), computer hardware, computer software and event tickets. Each category grew at least 15 percent.
The top 25 online retailers accounted for 66.4 percent of dollars spent online, down from 67.7 percent a year ago and down from a peak of 69.9 percent in Q3 2010, as small and mid-sized retailers continue to regain lost market share.
“The second quarter of 2011 saw a continuation of this year’s solid double-digit growth trends in online spending, well ahead of the rate of growth in consumers’ overall spending,” said comScore chairman Gian Fulgoni. “As a result, it’s clear that consumers are continuing to shift to the online channel, with almost $1 in every $10 of discretionary spending now occurring online.”
However, Fulgoni warns that with economic growth remaining soft, unemployment rate stubbornly high and financial markets in turmoil, consumers are less optimistic, which raises concerns for the future. “We believe the third quarter will be an important indicator of which direction this economy is really headed and what that will mean for consumer spending,” he added.