US online consumer spending is set to grow three-fold from 2004, says a new report, with web sales predicted to account for 12% of all retail purchases by 2010.
The report
US eCommerce Overview: 2002 to 2010 by Forrester Research said, retail innovations and website improvements will boost this market from 4%, as new households are enticed to go online and existing web users spend more money.
According to the report, online sales are expected to grow by an annual compound growth rate of 14% between 2004 and 2010, to reach $316 billion by the end of the decade.
Spending on general merchandise is expected will climb to $151.3 billion from $75.7 billion this year, with ‘home products’ set to remain as the largest single category throughout the six year period, growing to $43.3 billion in 2010 from $15.4 billion this year.
Dieringer Research Group said this month that a stronger economy and growing consumer confidence in the US was behind the increase in online shopping as the American Interactive Consumer Survey revealed, three out of five US adults regularly go online (see US Buys Into Online Shopping).
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