According to the updated forecast made by comScore online spending this holiday is expected to grow by 11% as compared to the previous year. It is the second time the analytics firm updates its closely watched view. The new spending outlook should bring total holiday e-commerce spending to $32.4 billion, comScore said.
According to many analysts Cyber Monday the day when consumers head back to work after the Thanksgiving weekend, is considered the kick-off to the online shopping season. Meanwhile. Most of brick-and-mortar retailers from Wal-Mart Stores Inc to Staples Inc are expecting early deals at their online facilities and Amazon.com has already gained market share this season, analysts say.
Earlier comScore told Reuters in an exclusive interview that it was raising its forecast from an earlier projected gain of 7 percent to a new projection of 9 percent. It noted then that the outlook might be raised further.
The latest outlook is based on the first 21 days of the November and December season, in which $9.01 billion has already been spent, marking a 13 percent increase over the year-ago period, comScore said.
ComScore Chairman Gian Fulgoni said the holiday e-commerce season had "gotten off to an extremely positive start."
The National Retail Federation expects 2010 holiday retail sales -- which exclude online as well as food, vehicle and gasoline sales -- to rise a mere 2.3 percent this year to $447.1 billion.