Online Holiday Sales Fall as Consumers Cut Back on Holiday Shopping
December 22, 2008 by Miranda Marquit
Filed under Finance
Have you cut back on holiday shopping? I know I have to a certain degree. And plenty of other consumers have as well. The current state of the economy means that many people just aren’t that interested in spending a great deal of money right now. And that’s fine. There are plenty other thoughtful gifts (including gifts of time) that you can give — gifts don’t have to be expensive or come from a store.
Online holiday sales fall for first-time ever
Since the advent of ecommerce, online holiday sales have risen steadily year-over-year. Not so much this year. For the first time every, online holiday sales have dropped during the first 49 days of the holiday shopping season, according to ComScore. “Only” $24.03 billion was spent, compared to $24.15 billion last year.
This, of course, goes beyond just meaning that consumers are making wiser spending decisions. It also means that earnings are likely to drop for companies, and that the recession is not going to get any better anytime soon. We could see another round of lay offs and some stock market volatility as the New Year begins.
Perhaps, instead of focusing on big businesses to get money, politicians should start considering a bailout for individuals. That is, if they are serious about getting consumers to spend money in the name of economic stimulus.
Take the poll: How much are you spending on holiday shopping?
To be honest this should have been foreseen by the retailers that are out there. Retailers have been used to such high growth for so long. It’s going to be tough for them to hold back this holiday season.
I agree. Nothing lasts forever — especially such dramatic growth.
This season has been a difficult one for many. I most certainly can see how one would cut-back on their holiday spending. As a matter of fact, I’m cutting back on ALL of my spending. Not only on misc. items, but also on everyday items. It has to be done. And, I’m glad that I’m doing it. The less money I put in your pocket, the more I have in mine! :-)
Merry Christmas!
We’re cutting back on everything as well. You kind of have to in times like this. It’s a good idea to be prepared!