U.S. Retail E-Commerce Spending Up 14% in Q2: comScore
U.S. retail e-commerce spending went up 14% in the second quarter of 2011 compared to the same period last year, the research firm comScore reported. Online retail spending reached $37.5 billion for Q2 representing 7th quarter in a row of positive year-over-year growth.
“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,” comScore chairman Gian Fulgoni said in a statement. “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.”
Fulgoni further explains that benefits of e-commerce such as lower prices and convenience are still the main drivers of the shift. “With economic growth remaining soft, the unemployment rate stubbornly high and financial markets in turmoil, consumers are less optimistic today than they have been in preceding quarters, which raises concerns for the future,” Fulgoni addes. “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.”
Highlights from comScore’s Q2 2011 U.S. retail e-commerce sales estimates include:
- The top-performing online product categories were: Consumer Electronics (excl. PC peripherals), Computer Hardware, Computer Software, and Event Tickets. Each category grew at least 15 percent vs. year ago.
- The top 25 online retailers accounted for 66.4% of dollars spent online, down from 67.7% the previous year and down from a peak of 69.9% in the third quarter of 2010, as small and mid-sized retailers continue to regain lost market share.
- The 14% growth in the Q2 was primarily a function of an increase in the number of buyers (up 16%), with 70% of all Internet users making at least one online purchase in the quarter.
SOURCE: comScore, Inc.