comScore: eCommerce Spending Down

comScore, which monitors ecommerce sites and Internet traffic, is reporting today that for the first 23 days of the November-December 2008 holiday season, there has been a 4 percent decline versus last year in spending. comScore said that $8.2 billion has been spent online since last year, down from $8.51 billion last year. comScore speculated that the drop in spending came because of the depressed and volatile stock market, declining housing prices, inflation and the weak job market. The firm is now forecasting that holiday spending will be flat from last year, significantly lower than last year's 19 percent growth rate.