Online Consumer Spending Drops in February 2009
Consumer spending in February 2009 dropped significantly from January, according to a report by Coremetrics. Those who shopped online during February purchased 13% fewer items. Website sessions that resulted in purchases declined by 3%.
Page views per session dropped 1%, product views per session dropped 2.5% and average time on site went down 4.5%.
The report also found:
“The online economy is reflecting what is happening in the broader markets,” said John Squire, chief strategy officer for Coremetrics. “Consumers are being increasingly selective about when and where they make their online purchases, which means that we can’t expect the online sector to power us out of this recession over night. That’s why retailers are becoming more analytical about launching marketing programs that aggressively target consumers with personalized, relevant promotions designed to get them to open their wallets.”
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