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Holiday Online Retail Cracked $29 Billion

Recession? Mortgage rates? Debt held by China? Bah.

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[ Business]

Non-travel spending during the 2007 holidays reached $29.2 billion despite a slow start in November.

If a recession is on the way to the US economy, shoppers didn’t worry about it too much. From November 1 to December 31 of 2007, people spent 19 percent more than they did for the same period in 2006.

A comScore tally of the shopping season found the biggest uptick in spending came as consumers sought video games and accessories. At a gain of 129 percent from 2006, purchases more than doubled while people desperately sought the underproduced Nintendo Wii, as well as competing products from Sony and Microsoft.

Though business was good for the holidays, it could have been better. "Ultimately, the softness in the growth of online retail sales during the first ten days of November proved difficult to overcome and prevented the season’s growth rate from reaching our forecast of 20 percent," comScore Chairman Gian Fulgoni said in a statement.

"However, the period between Thanksgiving and Christmas – another measure of the strength of the holiday season – experienced a healthier 21-percent growth rate."

December 10th, the so-called Green Monday as eBay dubbed it, proved worth its nickname. Buyers plunked down $881 million, followed by $819 million on Tuesday, December 11th. Thursday, December 6th, was the only other day to surpass the $800 million mark, with $803 million flowing to online retailers that day.

 

Holiday Online Retail Cracked $29 Billion
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