According to the research group, factors such as consumer confidence, which hit its highest level in 18 years. The Conference Board’s Consumer Confidence Index, a survey of consumer attitudes towards the economy, reached 133.4 in August, 11 percent more than in August 2017.
Findings exclude products not normally purchased online such as fuel and automobiles.
The study estimates that U.S. consumers will spend $119.99 billion online from Nov. 1 through Dec. 31, a 15.5-percent increase from the $103.8 billion shoppers spent online during the same period last year. Total retail sales are expected to climb 5.5 percent to $719.09 billion compared to the $681.61 billion spent in November and December last year.
“The growth in U.S. e-commerce has been consistent since 2010, averaging 15 percent each year and showing no signs of slowing down,” says Fareeha Ali, director, research strategy, Internet Retailer. “Add to that high consumer confidence, a healthy economy and strong 2018 online growth from retail giants like Amazon and Walmart, and we’re on track for a big holiday shopping season.”
Holiday e-commerce is set to represent 16.7 percent of all holiday spending, up from 15.2 percent in 2017.
“Additionally, our research shows that more shoppers are turning to the web to purchase gifts during peak seasons,” says Ali. “For instance, we estimate 24 percent of all Valentine’s Day purchases this year were online–far more than the overall 13 percent e-commerce penetration in 2017.”
Overall, shoppers are buying more gifts online each year. In 2017, 76 percent of respondents said they purchased at least one-quarter of all gifts through the internet during the 2017 holiday season, 3 percent more than the previous year.