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Brier Dudley offers a critical look at technology and business issues affecting the Northwest.

November 18, 2008 at 10:59 AM

Online retail plummeted in October, comScore says

Harsh news from comScore: October’s online retail sales grew 1 percent over October 2007, the lowest monthly growth since the firm began tracking the sector in 2001.

From the release:

“The overall softness in online retail spending was precipitated by curtailed spending across mid to lower income segments, with households earning less than $50,000 exhibiting negative spending growth compared to a year ago.”

Now didn’t comScore just tell us that lower-income people were buying iPhones like crazy? Maybe they don’t have anything left.

Rich folks were still spending in late summer, comScore said: growth in the over $100,000 demographic was up 14 percent from August through October, versus 1 percent growth in the $50k to $99k segment that accounts for most online retail and minus 3 percent in the under $50k set.

But everything changed in October so we’ll have to wait for the next month’s report for a clearer picture. I wonder if early holiday sales will be enough to keep growth in positive territory.

The montly data excludes automotive, auction, corporate and travel purchases.

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