Research firm comScore has reported that online spending in the United States in October 2008 grew by only 1 percent over October 2007, the lowest monthly growth rate since comScore began tracking e-commerce in 2001.

comScore attributes the anaemic growth level to lower spending by low-to-middle income earners, with households earning less than $50,000 exhibiting negative spending growth compared to a year ago.

The slowdown comes after 6 consecutive months of slowing growth in e-commerce sales. comScore says that retail e-commerce growth rates have fallen from a height of 28 percent in August 2007 to a growth rate of just 1 percent in October 2008. October represents the sixth consecutive month this year of slowing growth rates.

Source: comScore, “U.S. Retail E-Commerce Growth Slows to 1 Percent in October as Concerns about Inflation, Jobs and the Financial Markets Cause Consumers to Curb Spending”, Press Release, November 18, 2008

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