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Online Holiday Spending To Remain Steady
By Mike Sachoff
Staff Writer
Article Date: 2008-10-31
The impact of the credit crunch is expected to effect holiday shopping but projected consumer spending online remains steady at $100 - $250 on average, according to the eBillme Online Spending Index, a quarterly survey about consumer online spending.
Thirty-one percent of respondents said they would purchase more online if they could better control their finances and pay with cash; an opportunity for online merchants to optimize checkout with cash alternatives.
This quarter's Index also surveyed respondents about the upcoming holiday season. Forty-six percent of consumers prefer to avoid Black Friday in-store shopping in favor of shopping online. Thirteen percent of respondents plan to do most of their shopping on "Cyber Monday," the unofficial start of the online holiday shopping season.
According to the Q4 data, the credit crunch is continuing to impact consumer use and access to credit. Thirty-four percent of consumers are closer to their credit limit than a year ago.
Nearly half (45%) of consumers have used their credit card less often over the last 90 days in favor of non-credit payment options. More than half (55%) of respondents indicated their available credit has decreased this holiday season as compared to last year. Forty-eight percent of consumers are delaying purchase due to uncertainty in the economy.
"The consumer sentiment is not in favor of a positive Q4," says Marwan Forzley, President and CEO of eBillme. "The market has shifted, and it is strategic for the long term benefit of eCommerce that merchants invest in cash-like payment options to appeal to the changing dynamics of consumer behavior."
"It is evident from the data that the credit crunch is having a profound impact on consumers. This is an opportunity for e-tailers to respond to the situation by strategically offering checkout options that support financial control and debt management."
About the Author:
Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.
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