E-commerce up 10% in Q1, best since Q2 2008: ComScore
E-commerce spending jumped 10% year-over-year in the first quarter of 2010, accounting for nearly $34 billion, according to digital marketing intelligence firm ComScore. The quarter was the first time e-commerce spending increased by double digits since the second quarter of 2008.
Although these figures are promising for e-commerce merchants, comScore noted that consumers who earn $100,000 or more per year predominantly drove this growth.
“It's the first positive sign of the return to strong consumer discretionary spending,” said Andrew Lipsman, senior director of marketing communications at ComScore. “It does come with a caveat, especially with the market looking shaky. We hope it's not short-lived.”
Lipsman added that the upper-income consumers responsible for the double-digit Q1 gain might tighten their purse-strings for the rest of the year if the economy remains sluggish.
“We're taking a wait and see approach,” he explained.
ComScore also noted that large online retailers generated higher growth rates than their smaller counterparts during the first quarter. However, smaller e-commerce merchants are seeing positive growth again, according to the firm.
ComScore also noted that online retail is also continuing to gain market share of overall multichannel retail.