Online spending rebounds after the terrorist attacks
Spending at Internet retail sites has rebounded to the levels it reached before the attack on the World Trade Towers and Washington, D.C. Sept. 11, reports BizRate.com.
E-retailing sites returned to 97% of their normal volume on Sept. 24, two weeks after the attack, BizRate.com says. BizRate is a comparison shopping site and provider of real-time e-commerce research.
BizRate expects retailing to sustain healthy growth into the fourth quarter with $11.55 billion in sales.
"The e-commerce industry is beginning to stabilize following a brief period of sharp decline in online sales brought on by the attacks," says Chuck Davis, president and CEO of BizRate. "From this point on we expect a storng recovery as American heed the advice of leaders and resume normal activities, incluiding shopping."
Sales on Sept. 10 totaled $92.41 million. That fell to $56.29 million, or 61% of the Sept. 10 total, the next day. By Sept. 17, sales had rebounded to $82.49 million, 89% of the Sept. 10 total, and on Sept. 24 to $89.68 million, 97% of the Sept. 10 figure.
BizRate.com also reports:
· Computer Software experienced a tremendous rebound with online sales on Sept. 24 reaching $8.08 million, 43% growth compared to Sept 10.
· Big-ticket categories like Computer Hardware are not rebounding as quickly. Sept. 24 sales were $16.57 million, or only 88% of corresponding sales on Sept 10.
· Although losses in sales for Food & Wine, Sports & Outdoors, and Apparel were 62%, 37%, and 34%, respectively on the day of the tragedy, these categories showed the most aggressive recovery. Sales actually grew above pre-tragedy (Sept. 4 – Sept. 10) levels, to 137%, 113%, and 107%, respectively for the week ending Sept. 24.
· One of the biggest category losers was Gifts & Flowers, which posted a 62% loss on Sept. 11; however, this category also experienced a strong surge in online sales, growing 33% from Sept 11 to Sept 12, as consumers logged on to send condolence gifts.
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