Online Holiday Sales Up 20%, Total Retail Almost 5% Over Last Year
According to an update from comScore, Inc. for the 57 days of the 2007 holiday season (November 1 - December 27, nearly $28 billion has been spent online during the season-to-date, marking a 19-percent gain versus the corresponding days last year.
2007 Holiday Season To Date vs. Corresponding Shopping Days in 2006 Non-Travel Retail Spending(Total U.S. - Home/Work/University Locations (Billion $)
Holiday Season to Date
November 1 - December 27
Thanksgiving Day (November 22)
"Black Friday" (November 23)
"Cyber Monday" (November 26)
"Green Monday" (December 10)
Source: comScore, Inc.
comScore Chairman, Gian Fulgoni, said "...we continue to see some relatively strong online spending days... the day after Christmas saw online sales of $545 million, more than double the sales on the same day last year... indicat(ing) that consumers were... able, to take advantage of... late-season promotions and price discounts offered by retailers this year."
Another means of gauging the strength of online holiday spending, says the study, is to examine the period between Thanksgiving and Christmas, which represents the core of the holiday shopping season. This year, there were 32-days between Thanksgiving and Christmas, compared to 31-days last year. During this period in 2007, online sales grew by 21 percent versus year ago, a full 2 percentage points higher than the overall holiday season-to-date growth rate.
2007 Holiday Season Retail Spending vs. Same Period in 2006(Total U.S. - Home/Work/University LocationsBillion $)
Black Friday - Christmas Eve
Source: comScore, Inc.
Mr. Fulgoni added "Warm weather during the early part of November took its toll on online retail sales, and played a role in holding down the growth in spending over the entire holiday season to a 19-percent rate, which is below last year's level of 26 percent."
2007 Retail Online Retail Consumer Spending(E-Commerce Forecast Total U.S. - Home/Work/University Locations Billion $)
January - October
Holiday Season (Nov-Dec)
Source: comScore, Inc. (*comScore forecast)
And, a follow-up report by Internet Retailer through December 29th, puts retail sales for the week ended Dec. 29 up 14% over the comparable week a year ago, according to the National Retail Sales Estimate compiled by ShopperTrak RCT Corp. Foot traffic to stores was up 6.9% over last year.
The late shopping push puts retail sales on track to reach the 3.6% gain in overall retail sales for the holiday season. By contrast, web measurement firm comScore Networks has projected a 20% increase in holiday online sales.
Total retail sales for the week that ended Saturday were down an anticipated 17.7% from the week ended Dec. 22, which included the busy final Saturday before Christmas, and foot traffic to stores was down 7.9%, ShopperTrak reports.
Bill Martin, co-founder of ShopperTrak, said "... on Sunday and Monday, retailers experienced the expected boost provided by procrastinating shoppers... in the days immediately following Christmas consumers flocked to stores to take advantage of post-Christmas sales and to begin redeeming gift cards... "