Despite dwindling consumer confidence and concerns about the wider commercial picture, the internet economy continues to grow and eMarketer is forecasting that online retail sales will approach $13 billion in the final quarter of 2002.
A recent study from Forrester had claimed that ecommerce revenues were failing to reach anticipated levels (see
US Online Sales Decline In Q3) However, eMarketer is confident that the holiday season will be a fruitful one for US online retailers and estimates that B2C sales, excluding travel, will total $12.97 billion in Q4 2002, an increase of 16% on last year’s figure.
“Online holiday spending is the bright spot in an otherwise dark picture,” said Dr Nevin Cohen, Senior Analyst at eMarketer. “When overall retail sales are expected to grow only three or four percent over last year’s holiday shopping numbers, maintaining double-digit growth is great news.”
This increase is a result of the rise in the number of online consumers with almost 62 million people expected to make a purchase over the internet in Q4. Moreover, young adults, who were among the first people to embrace the web now have the credit cards and the income necessary to buy online.
