A recent report from Coremetrics showed a significant drop in online consumer spending in February when compared to the previous month. Overall, online sales during February were down 13%. Jewelry and gift retailers usually benefit greatly from the Valentine’s rush, but buyers were more selective and spent less per order this year than in years past. Department stores, apparel, outdoor goods, and beauty item retailers all suffered considerable drops during the month.
This steep decline in consumer spending makes it very clear that consumers are being much more selective with how they spend their money online. Online retailers have not been hit as hard as their brick and mortar counterparts to this point, but it appears that may be starting to change.
