Online Holiday Video Game Spending Up 129%7 Jan, 2008 By: John Latchem
A report from online market tracking firm comScore.com shows 2007 holiday season e-commerce spending for video game products jumped 129% over the comparable period in 2006. Consumer electronics spending jumped 23%, while music and home video rose 13%.
For the period between Nov. 1 and Dec. 31, online spending in all retail categories totaled $29.2 billion, up 19% from 2006. The 19% still fell short of comScore's 2007 forecast, which anticipated a 20% growth, according to comScore chairman Gian Fulgoni.
“Ultimately, the softness in the growth of online retail in the first 10 days of November proved difficult to overcome and prevented the season's growth rate from reaching our forecast,” Fulgoni said. He noted, however, that the period between Thanksgiving and Christmas grew 21%.
The largest single day for online shopping, with $881 million in sales, was Dec. 10, dubbed Green Monday by online retailers because the second week of December usually represents the largest shopping period of the year (the green in this case refers to money, not the environment). The total is up 33% over 2006.
Online spending on Thanksgiving also rose significantly, up 29% over 2006. Many retailers in 2007 plugged online alternatives to the in-store post-Thanksgiving sales rush.