Online retail spending tumbled in the US in October 2008, growing by only one per cent over the same period last year, according to a new report by market research company comScore.
According to the report, this is the lowest monthly growth rate since the company began tracking online commerce in 2001. The lower spending comes from mid to lower income segments - those with US incomes under $50,000, according to comScore.
Households with income between $50,000 and $100,000 showed a spending gain of one per cent, while those making at least $100,000 increased their spending by 14 per cent.
It's no surprise that concerns over the financial markets grew from 14 per cent in July to 49 per cent in October.
Retail spending has fallen every month since April 2008 where growth was 15 per cent. May (12 per cent), June (11 per cent), July (8 per cent), August (6 per cent), and September (5 per cent), all lead to this month's lowest rate.
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