Growth in e-commerce for U.S. retail dropped to 1 percent in October over the same period last year- the lowest monthly score on record. That's according to numbers released this week by comScore, which began tracking such figures in 2001.
The biggest reason for this, the research firm said, was curtailed spending among mid-to-lower income segments.
"While rising prices remained consumers' biggest concern in October, it's clear that the increase in the country's unemployment rate along with the shock of the financial market meltdown have had a negative impact on the psyche of the American consumer, and the effects were clearly felt in the online retail sector," comScore chairman, Gian Fulgoni, said as part of the study. "October represented the softest single-month of online retail growth on record, and we can only hope that the recent sharp drop in oil prices will cause a continued easing of inflation and a strengthening in consumer spending as we enter the critical holiday shopping season."