Online Holiday Shopping Season 2004 Hits $23.2 Billion, Rising 25 Percent From 2003, According To The Holiday Espending Report From Goldman Sachs, Harris Interactive And Nielsen//Netratings averatec
But like Ms. Rubin, Mr. Cassar said the early online shopping surge should not be taken as an indication that the holiday season will necessarily exceed earlier sales forecasts. Jupiter is sticking by its previous forecast of $13.1 billion in online holiday sales this year, a 17 percent rise from last year. That would be slower growth than in the 2001 holiday season, when online sales were 29 percent higher than those a year earlier, according to Jupiter.
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Online Consumers Spent the Most on Apparel/Clothing, Toys/Video Games and Consumer Electronics; Fastest-Growing Categories Included Jewelry, Flowers and Computer Hardware/Peripherals
But sales of pet supplies, cosmetics and fragrances will increase faster than other categories at growth rates of over 30 percent, the report found. Last year, online sales rose 25 percent to $176.4 billion, with 28 percent growth in online purchases excluding travel. Total Internet sales in 2004 and 2003 reached $141.4 billion and $114.1 billion, respectively, Silverman said. "I think we're still looking for the next several years (for) growth over 20 percent per year, " he said, adding that growth closer to 30 percent was probably not sustainable.
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Online travel spending in the U.S. during the 2005 holiday season (November 1 through December 31, 2005) totaled $8.6 billion, percent increase on last year. Last year U.S. consumers spent $7.4 billion during this period, according to comScore Networks. For the full year consumers spent $60.9 billion, percent increase on the previous year. Total Internet spending for the full year 2005, including travel, reached $143.2 billion, up 22 percent over the $117.2 billion spent online in 2004.
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ROCHESTER, N.Y. and NEW YORK January 3, 2004 The latest holiday eSpending Report from Goldman, Sachs & Co., Harris Interactive, and Nielsen//NetRatings revealed that online shoppers in the U.S. spent $23.2 billion during the 2004 holiday season, excluding travel. This reflects a 25 percent increase from the $18.5 billion spent online during the same timeframe in 2003.
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According to the 2004 eSpending report, based on weekly surveys of more than 1,000 respondents, online consumers spent the most on apparel/clothing, totaling $3.8 billion, or 16 percent of total online revenue, during the 2004 holiday season. The toys/video games category was second with $2.5 billion, or 11 percent of online revenue, while the consumer electronics category rounded out the top three with $2.3 billion, or 10 percent of total online revenue.
The United States was first among suppliers to developing nations for each year covered in the report, while Russia has held the No. 2 position since 1999. The United States in 2004 signed agreements worth $12.4 billion, or 33.5 percent of all deals made, down from $15.1 billion in 2003, the report said. Russia made deals worth $6.1 billion, up from $4.4 billion in 2003. Britain was third in arms transfer agreements to developing countries, with $3.2 billion in sales, followed by Israel with $1.2 billion and France with $1 billion.
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Categories generating the highest year-over-year growth in holiday dollars included jewelry, flowers and computer hardware/peripherals. Jewelry jumped 113 percent to $1.9 billion during the 2004 holiday season compared to the $888 million spent in 2003. Floral retailers experienced a 59 percent surge in online revenue to $530 million while computer hardware/peripherals increased 30 percent over last season, generating $2.1 billion in online revenue this year.
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Online shopping contributed significantly to overall 2004 holiday sales by attracting consumers through a broad product selection, said Heather Dougherty, senior Retail analyst, Nielsen//NetRatings. Consumers have become accustomed to purchasing online over the years and look to the Internet to find comprehensive product information, competitive prices and easy gift delivery allowing them to have more time to spend on other holiday activities.
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Wider Product Selection Drives 2004 Online Shopping
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The 2004 eSpending report showed that overall the majority of online consumers were satisfied with this seasons Web shopping experience: 37 percent were very satisfied and 24 percent were somewhat satisfied. In addition, 30 percent of respondents felt this years online shopping was better than last year. Several factors contributed to the success of online shopping in the 2004 holiday season. Similar to last year, the 2004 eSpending report indicated that 36 percent of respondents cited a preference to avoid crowds as the top reason to buy online rather than visit a store. Thirty-six percent also cited finding a lower price online was the reason they took to online shopping, while a wide product selection rounded out the top three reasons with 33 percent.
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About the eSpending Report
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The eSpending Report by Goldman Sachs, Harris Interactive and Nielsen//NetRatings is based on weekly national surveys conducted between November 1 and December 26, 2004, among more than 1,000 adult consumers who are online and who were randomly invited to participate from among the Harris Interactive online panel of survey respondents. The overall 2004 holiday shopping season data are based on responses from a total of more than 9,000 U.S. adults, who are online. The data were weighted to be representative of the total U.S. online population of adults (aged 18 years and over), and with probability samples of 1,000, one can say with 95 percent certainty that the weekly results have a sampling error of plus or minus 3 percentage points. The online samples are not probability samples. The eSpending Report offers weekly intelligence on online shopping and spending by market segment and also tracks consumer attitudes and motivations that drive online shopping.
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About Goldman Sachs
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Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
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About Harris Interactive
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Harris Interactive Inc. (www.harrisinteractive.com), the 15th largest and fastest-growing market research firm in the world, is a Rochester, N.Y.-based global research company that blends premier strategic consulting with innovative and efficient methods of investigation, analysis and application. Known for The Harris Poll and for pioneering Internet-based research methods, Harris Interactive conducts proprietary and public research to help its clients achieve clear, material and enduring results.
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Harris Interactive combines its intellectual capital, databases and technology to advance market leadership through U.S. offices and wholly owned subsidiaries: London-based HI Europe (www.hieurope.com), Paris-based Novatris (www.novatris.com), Tokyo-based Harris Interactive Japan, through newly acquired WirthlinWorldwide (www.wirthlinworldwide.com), a Reston, Virginia-based research and consultancy firm ranked 25th largest in the world, and through an independent global network of affiliate market research companies. EOE M/F/D/V
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To become a member of the Harris Poll OnlineSM and be invited to participate in future online surveys, visit www.harrispollonline.com.
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About Nielsen//NetRatings
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Nielsen//NetRatings, a service provided by NetRatings, Inc. (Nasdaq: NTRT), is the global standard for Internet audience measurement and analysis and is the industry's premier source for online advertising intelligence with its NetView, AdRelevance, @Plan, WebRF, LemonAd, MegaPanel and SiteCensus services. Covering 70 percent of the world's Internet usage, the Nielsen//NetRatings services offer syndicated Internet and digital media research reports and custom-tailored data to help companies gain valuable insight into their business. For more information, please visit www.nielsen-netratings.com.
