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US Online Retail Forecast, 2008 To 2013
by Patti Freeman Evans for eBusiness & Channel Strategy Professionals
Making Leaders Successful Every Day
The current economic crisis is dampening the immediate growth of online sales. and auto parts. and Brendan McGowan ExECUT i v E S U M Ma Ry US online retail sales will reach $229 billion in 2013. For additional information. All other trademarks are the property of their respective companies.com. Opinions reflect judgment at the time and are subject to change. Forrester Wave. The online market will enter a natural early phase of maturing in the latter three years of the forecast. Technographics®. TechRadar. Inc. such as video games. 2009 US Online Retail Forecast. Cristina Bugnaru. please email clientsupport@forrester. as these buyers are less susceptible to financial difficulties. In the long term. RoleView. The market will grow at a CAGR of 10% over the five-year forecast period. Some product categories. 2008 © 2009. will also support growth. . Nonetheless. Forrester®. Inc.For eBusiness & Channel Strategy Professionals Includes a market-sizing forecast February 2. To purchase reprints of this document. TaBl E O F CO n TE nTS 2 The Pace Of US Online Retail Sales Growth Slows Slightly Between 2008 And 2013 WHaT iT MEanS n OT E S & RE S O U RCE S We conducted our analysis using a series of proprietary models. go to www. All rights reserved. eCommerce will continue to have a very strong influence on both online and offline retail sales. low consumer confidence. the demographics of online buyers will sustain the pace of growth of online sales. such as accessibility. pet supplies. with the total Web impact on retail sales growing at a CAGR of 10%. 2008” October 21. and price-conscious behavior. will weather the economic conditions better than others. Unauthorized reproduction is strictly prohibited. due to lack of credit access. decreased spending. like PCs and home improvement products. 2008 To 2013 by Patti Freeman Evans with vikram Sehgal. Information is based on best available resources.forrester. Forrester Research.com. and Total Economic Impact are trademarks of Forrester Research. 12 Online Retailers Need To Remain Cautious In The Immediate Future Related Research Documents “US Online Holiday Retail Forecast. 2009 | Updated: March 4. the foundational strengths of eCommerce.
and The Wall Street Journal December 2008 Economic Forecasting Survey predicts a 6. however. a 34% decrease since the same month in 2007 — and the third-lowest reading since 1952. further reducing consumer spending power. falling home prices. and the restriction of the credit markets have had a negative effect on consumer confidence.1 Economic Pressures Dampen The Immediate Growth Of Online Sales The recent economic developments caused by the credit and housing crisis have forced the US into recession. 2008 To 2013 For eBusiness & Channel Strategy Professionals ThE PACE OF US ONLINE RETAIL SALES GROwTh SLOwS SLIGhTLy BETwEEN 2008 AND 2013 In 2008. The recent economic crisis has caused a decrease in home prices. toward the end of the five-year forecast. By 2011. US retail sales grew to $141 billion. · Online buyers have less available credit to finance their purchases. as we had noted in previous years. online retail will have a dampened growth rate through 2010 (see Figure 3). Consumers are no longer able to take equity out of their homes to fund spending. Over the five-year forecast period of 2009 to 2013. online retail in the US will grow at a compound annual growth rate (CAGR) of 10% to reach $229 billion in 2013 (see Figure 2). Reproduction Prohibited . According to a recent JupiterResearch consumer survey.2 Consequently.9% drop in the house price index. 35% of buyers plan to avoid major purchases given the current state of the US economy. accelerating job losses.4% as job cuts continue into 2010. which contrasts with the recent weak offline sales during this past holiday season. with further declines expected into 2009. the growth curve will dip below double-digit levels because of the natural market maturing pattern of the online retail environment. inc. · Consumer confidence is at its lowest point in decades. a reflection of the general consumer wariness.3 The reality of the current economic conditions and the continuous media reporting of increasing gas and consumer product prices. In light of the current economic environment. This decline in home equity is coupled with consumers’ reduced access to credit and has an overall negative impact on consumer spending power and consumption. According to a recent Wall Street Journal survey of 54 economists. A CAGR of 10% is a reflection of continued eCommerce strength. the negative effects of the economy will have dwindled. According to the Institute for Social Research of the University of Michigan.4 February 2.4. 2009 © 2009. declines in pension investments. the multiple economic pressures that consumers are facing will negatively influence both the online and the offline US retail sectors. the June 2008 index of consumer sentiment reached 56. Forrester Research. with online being less affected. the unemployment rate is forecast to top out at 8. 2009 | Updated: March 4. we project 2009 sales to grow by approximately 11% (see Figure 1).2 US Online Retail Forecast.
8 $2.8 Source: Forrester Research Internet Shopping Model.3 $32.2 $7.3 $7.2 $7.7 $6.9 $7.3 $17.0 $5.0 $2. 2009 | Updated: March 4. 12/08 (US) 53795 Source: Forrester Research.8 $6.5 $5.4 $6.2 $5.6 $3.5 $2.4 $7.8 $3.3 $1.6 $7.7 $2.1 $13.6 $3. 2009 .2 Forecast 2009 $156.4 $1.4 $8.3 $4.6 $5. and peripherals Consumer electronics Event tickets Flowers Food and beverage Furniture Jewelry Movie tickets Music/video Oﬃce products Over-the-counter medicines and personal care Pets Sporting goods Toys and video games Other $141.1 $5.9 $1.4 $3.8 $7.7 $7.4 10% $34.2 $5. Inc.7 $5.4 $27.0 $1.8 $2.5 2011 $194. 2008 To 2013 For eBusiness & Channel Strategy Professionals 3 Figure 1 Forecast: US eCommerce Sales.5 $8.7 2013 $229.9 $2.1 $1.5 $2.7 $10.7 9% $37.9 13% $30.9 $10.7 $34.1 $14.2 $5.7 $6.2 $5. © 2009.0 $2.2 $1.6 $2.9 $7.0 $6.1 8% $40.0 $1.5 $5.8 $2.4 $8.2 $4. software.6 $5.4 $9. Forrester Research.1 $3.1 $6.2 $5.3 $3.7 $3.0 $19.6 $8.1 11% $27.2 $6.9 $30.9 $2.4 $8.2 $5.3 $3.5 $1.9 $8.3 $2.7 $3.3 $3.5 $1. and footwear Appliances and home improvement Art and collectibles Auto parts Books Computer hardware.4 2010 $176. inc.6 2012 $211.8 $6.2 $7.5 $11.4 $16.6 $17.3 $15.2 $12.0 $7.9 $11.1 $36.6 $1.2 $2.2 $1.5 $3. 2008 To 2013 Actual 2008 Total US online sales ($ billions) Growth Apparel.9 $5.5 $7.3 $6.5 $5.9 $3.2 $2.0 $19.3 13% $23.0 $1.1 $25.7 $4.2 $7.1 $25. Reproduction Prohibited February 2.1 $6.8 $3.2 $27.5 $4.6 $3.2 $6.US Online Retail Forecast.3 $30.8 $7. accessories.9 $22.
Figure 3 Organic Growth in The number Of Buyers and individual Spend Will level Off 30% Year-over-year growth rate Total US online sales Per-buyer online spending 19% 18% 13% 13% 11% 9% 7% 5% 4% 3% 3% 13% 10% 10% 7% 3% 9% 6% 2% 2012 8% 6% 2% 2013 New online buyers 9% 2006 2007 2008 2009 2010 2011 Source: Forrester Research Internet Shopping Model. 12/08 (US) 53795 Source: Forrester Research.9 $141.1 2007 % of total US retail sales 5% 2008 5% 2009 6% 2010 6% 2011 7% 2012 8% 2013 8% *Retail does not include auto. Inc.1 $156.3 $125. travel. 12/08 (US) 53795 Source: Forrester Research. Source: Forrester Research Internet Shopping Model. February 2.4 $176. Inc.7 $194. 2009 © 2009. 2008 To 2013 For eBusiness & Channel Strategy Professionals Figure 2 US Online Retail Sales Will Grow at a CaGR Of 10% Through 2013 US online retail sales* ($ billions) $211. 2009 | Updated: March 4.1 $229. Reproduction Prohibited . Forrester Research.4 US Online Retail Forecast. inc. and prescription drugs.
The percentage of males who will shop less overall is 18 percentage points lower than the percentage of females who will adopt the same attitude as a result of the current state of the US economy. · Online buyers are wealthier and less affected by the economy. 2009 | Updated: March 4.6 This urge to trade down is also reflected in WalMart’s remarkable performance in the 2008 holiday season.000 or more represent the largest group of the online buying population (see Figure 4).8 Forty-four percent of consumers with household incomes of $75. which translates into difficult times for retail. where women are commonly held to account for roughly 70% of purchases (see Figure 5). the personal saving rate of consumers — which measures the amount of disposable income that they don’t spend — was close to 3% in the second quarter of 2008. · Consumers do more research for the best deals. Forrester Research. They make up more than 40% of all online buyers — almost twice the number of those with household incomes of $50. Fifteen percent of consumers plan to buy secondary market products rather than the newest item. which is two more than the average online buyer. 2009 © 2009.000.000 to $75. this contrasts with offline. this group makes an average of 10 purchases per year. Reproduction Prohibited . after almost four years at less than 1%.000 or more think that their financial situation is likely to remain about the same. This research process shows an increased concern for not only finding the best deals but also for doing more targeted shopping and making fewer impulse purchases. inc. Consumers are aware that the economy goes through cycles.US Online Retail Forecast. · Consumers are finding ways to trade down. while 25% believe that it will become slightly better. a period during which most retailers posted decreases. disproportionate online spending by men will support online sales.7 Twenty-two percent say they will use search engines and comparison-shopping sites. They are also less affected by the economy than the average consumer.5 Saving more means spending less. using the Web to reduce the number of visits to the stores. they will continue to maintain a decreased spending level in an attempt to rebuild their savings — even if their confidence increases. The world’s largest retailer reported an increase of 3. Due to their particular characteristics. Online buyers with household incomes of $75. and 13% will plan their trips in more detail. Discount stores and merchandise mixes that appeal to consumers’ need to trade down are more likely to be successful in the current environment. 2008 To 2013 For eBusiness & Channel Strategy Professionals 5 · Consumers are saving more than they have in the past four years. The male/female spending split is almost equal online. The impact of the economic slowdown on online retail will be mitigated to an extent by the fact that some of the online-specific demographics of buyers are more recession-proof than those of the average offline shopper. Also. Thirty-three percent of online users will do more research online to make sure they get the best price before purchasing goods.4% in same-store sales for the month of November. online buyers remain a bit more resilient overall and thus will help sustain modest online sales growth. According to the Bureau of Economic Analysis.9 February 2. Online Buyers’ Demographics Are A Catalyst For Online Retail Sales Growth The recent economic developments have influenced all consumers in the US. · In the near term. but given the depth of the current recession.
000+ households’ share of US online retail spending 53795 $31 2008 53% $35 2009 53% $40 2010 52% $46 $51 $57 2007 53% 2011 51% 2012 49% 2013 48% Source: Forrester Research Internet Shopping Demographic Model.000-$75. Forrester Research. February 2. Inc. 2008 To 2013 For eBusiness & Channel Strategy Professionals Figure 4 Households With incomes Of $75. 12/08 (US) 53795 Source: Forrester Research. inc. Inc. 2009 © 2009. Figure 5 The Male/Female Spending Split is almost Equal Online Overall US online retail spending by gender Female Male $98 $89 ($ billions) $71 $78 $115 $114 $106 $70 $78 $88 $97 $106 Male share of online retail spending 2008 50% 2009 50% 2010 50% 2011 50% 2012 50% 2013 50% Source: Forrester Research Internet Shopping Demographic Model.6 US Online Retail Forecast. Reproduction Prohibited . 2009 | Updated: March 4. 12/08 (US) Source: Forrester Research.000-Plus Provide More Than Half Of Online Retail Spend Household income: $75.000+ $50.000 Overall online retail spend ($ billions) $68 $92 $82 $75 $111 $98 $105 $28 $75.
Consumers can conveniently research a larger set of retailers than they could visit in their local market. Online buyer penetration is already slightly more than 70% among those online buyers ages 19 to 64 and with household incomes of $75. the year-over-year growth percentages of online sales will get stronger by 2010/2011. as the online marketplace will enter a natural early phase of maturing by the latter three years of the forecast.12 This type of content offers an extra boost of confidence and will continue to attract consumers. these growth rates will not bounce back to pre-2007 levels. Forrester Research. These benefits are likely to motivate a wallet shift from offline to online.11 The online channel offers the possibility of doing this research easily. By 2013. consumers do not have to pay tax for those retailers that do not have brick-andmortar facilities in the state from where the purchase is made. 41% do so because they like to shop around whereas 30% are in search of more product information.10 The online channel is still perceived as a means of finding the best deals and less expensive items. 2009 . as there are no switching costs involved in moving from one Web site to another. 2008 To 2013 For eBusiness & Channel Strategy Professionals 7 The Foundational Strengths Of eCommerce Drive Continued Short-Term Growth eCommerce provides a series of advantages that directly address buyers’ needs in financially difficult times.13 · New buyer growth slows to a long-term organic pattern. · Online shopping is perceived as less expensive. Seventy-one percent of online buyers who use more than one Web site when purchasing products online are in search of better prices. anytime access to a vast array of useful information. and access to information. 2009 | Updated: March 4. the number of online purchases will stabilize. In fact. Reproduction Prohibited February 2. the number of consumers who have made at least one purchase © 2009.US Online Retail Forecast. Online Retail Sales Growth will Level Off In The Long Term With the strengthening of the economy. At the same time. with consumers making an average of eight online purchases per year. Individual online buyer spending will begin to enter a period of stabilization in the later years of the current forecast. · Over time. inc. The vastness of the sites offering relevant product information has proved valuable to online users rather than daunting. convenience. Product reviews are one of the features that clearly distinguish the online shopping experience from the offline one. which can reduce the price even further.000 or more. · Online shopping offers consumer and expert opinions. These include better deals. Twentythree percent of online buyers shopping at more than one Web site were in search of product reviews from other buyers or from experts. Of the online buyers who use more than one Web site when shopping around. However. · The Internet provides easy. 58% of online users say that the breadth of information available online helps them feel more confident that they are buying the right product to meet their needs. further strengthening online sales and fostering added growth of channel share.
2009 | Updated: March 4. Moreover. 2008 To 2013 For eBusiness & Channel Strategy Professionals online will reach 69% and is expected to plateau at this level. online retail sales will plateau at around 10% of total US retail sales Within the confines of this five-year forecast. such as apparel and accessories and consumer electronics. Inc. will grow at less than 10%. inc. Over the coming decades.8 US Online Retail Forecast. Other large categories. with economic factors causing some near-term downward adjustments. 2009 © 2009. The mature US catalog industry will see sales growth of 8% year over year. and books. Figure 6 Categories With The Highest Penetration Show Slight Gains in Market Share US online sales as a percent of total category sales 50% 40% 30% 20% 10% 0% Personal computers Peripherals Videos Auto parts Apparel and accessories Home improvement 2008 48% 32% 13% 8% 7% 1% 2009 49% 32% 14% 9% 8% 2% 2010 52% 33% 15% 10% 9% 2% 2011 54% 33% 16% 11% 9% 2% 2012 54% 33% 16% 11% 10% 2% Peripherals PCs Videos Auto parts Apparel and accessories Home improvement 2013 54% 33% 17% 12% 10% 2% Source: Forrester Research Internet Shopping Model.14 Analogous industries give us a directional sense of how a channel matures over time. consumers who adopt online purchasing in the next few years will most likely come from lower socioeconomic groups and have a lower impact on sales growth. The economic downturn affects these growth rates but does not affect the growth rates of all categories equally (see Figure 6). Forrester Research. and the DMA projects that it will remain at that rate over the coming five years. February 2. the rate of growth for online sales in the US will slow to a compound annual growth rate (CAGR) of 10% through 2013. Some of these categories are large in terms of actual spending. 12/08 (US) 53795 Source: Forrester Research. such as PCs. Some Online Product Categories Are More Insulated From The Recession Than Others Seventeen of the 31 categories we forecast will still experience double-digit CAGRs over the next five years. software. Reproduction Prohibited . · The stabilization of online sales characterizes the long-term growth trend.
inc. the PC category is more adversely affected by consumers cutting back their spending. a consumer may buy one book fewer in a year but will still buy books in a year of lowered spending. The nature of a PC purchase is an “all or nothing” one. 2009 | Updated: March 4. Therefore. Inc. as people will either buy a PC or defer their purchase. even these enticements may fall on deaf ears. 12/08 (US) 53795 Source: Forrester Research. Figure 7 The Percentage Of Online Buyers is leveling Off in High-Penetration Categories Percentage of US online buyers 20% 15% 10% 5% 0% Video games Home improvement Personal computers Pet supplies Auto parts Video games Home improvement PCs Pet supplies Auto parts 2007 14% 13% 11% 8% 6% 2008 15% 12% 12% 9% 7% 2009 15% 12% 12% 9% 8% 2010 16% 12% 13% 9% 8% 2011 17% 13% 13% 10% 9% 2012 17% 13% 14% 10% 10% 2013 17% 13% 14% 11% 10% Source: Forrester Research Internet Shopping Model. Technological advancements often drive sales in this product category. as an early growth category. In contrast. with many buyers in this category choosing to bypass high-ticket purchases during financially difficult times. 2008 To 2013 For eBusiness & Channel Strategy Professionals 9 PCs/Electronics These include: · Personal computers (PCs). particularly on big purchases where they cut out buys in that category completely. Forrester Research. it has matured earlier than others (see Figure 7). with sales declining 1% compared with a year earlier. a slight decrease from last year’s 15%. © 2009. however. Even Apple. a company that has outpaced the growth of the overall PC market. showed signs of weakness in November 2008.15 This decrease in PC online sales is also caused by the fact that this category already represents almost 50% of total US consumer PC sales. Reproduction Prohibited February 2.US Online Retail Forecast. The PC product category will grow 7% in 2009 and 12% in 2010. 2009 .
17 As a result. Video games are an interactive form of escapism. the video game market has been growing at a healthy rate. A sharp decline in demand for cars reinforces this trend: GM expects to get government funding to pull itself out of financial trouble. In 2008. 2009 © 2009. and the number of online buyers in this product category will grow at a CAGR of 11%. 2008 To 2013 For eBusiness & Channel Strategy Professionals · Video games. consumers are also not doing any major improvements to their homes but are instead limiting themselves to necessary repairs. online spending on home improvement products increased by only 3%. With the introduction of Nintendo’s Wii and various enhancements to the latest-generation console systems.18 February 2.16 Consumers’ inclination to “nest” during difficult times is thus reflected in the sales of video games. The total online spending for pet supplies will grow at a CAGR of 17% over the next five years. with software publishers releasing titles aimed at young girls. Forrester Research. With double-digit growth. such as pet toys. families. This substantial decrease in the growth rate will bounce back slightly during 2009. In addition. and they cost no more than a family’s movie outing or having dinner at a restaurant. Reproduction Prohibited . Pet products are not necessarily high-ticket items. as consumers turn toward fixing their cars instead of buying new ones. are affordable indulgences that entail at least a minimum level of spending.6% in November 2008 and its exports dropped 23. and women over 35. inc. With house sales declining. such as pet food. whereas other items. This is one category that is not weathering the recession as well as other businesses. this category seems to be more insulated from the recession than others. · Auto parts. an area where spending was not cut back in 2008.10 US Online Retail Forecast. The current recession is increasing consumer interest in auto parts. due to consumers’ tendency to pamper their pets for the emotional comfort that they provide in return. with spending going up by 17% in 2010. More games targeting a broader family set have appeared. Do-It-yourself Items These include: · Home improvement products. online sales reached $4.9% in the same month.5 billion in 2008 and grew 15% over 2007. Affordable Indulgences These include: · Pet supplies. Some items. 2009 | Updated: March 4. and Toyota’s domestic sales decreased 27. newer systems like the Wii have attracted a videogame-playing audience that traditionally shied away from gaming. are necessities for pet owners and require regular purchases. The online sales of auto parts will grow at a CAGR of 12% over the next five years.
2009 | Updated: March 4. retailers should implement a highly integrated strategy that brings together their online and offline stores.177 $1. Figure 8 Online Research Continues To Play a Primary Role in influencing Offline Sales US online and online-inﬂuenced retail sales ($ billions) Online-infuenced retail sales Online retail sales $1. to research better prices. · Customers don’t want to make a mistake. © 2009. This staggering percentage illustrates the value consumers place on the Internet as a trusted research resource for their purchases. 12/08 (US) 53795 $106 2006 $125 2007 $141 2008 $156 2009 $177 $194 2011 50% $212 2012 53% $229 2013 54% Source: Forrester Research.348 $1. Thirty-four percent of online buyers make a purchase only after returning to the Web site for a second time. This does not necessarily prove their indecision but rather the fact that they use the Web as a tool to inform themselves about products. 2008 To 2013 For eBusiness & Channel Strategy Professionals 11 Online Research will Influence More Than half Of Offline Sales Online sales and offline sales influenced by consumers researching their purchases online will grow to 54% of total US retail sales by 2013 (see Figure 8).266 2010 US online and online-inﬂuenced 30% 34% 37% 40% 46% retail sales as a % of total sales Source: Forrester Research Internet Retail Oﬄine Inﬂuence Model. a percentage unaffected by the economic pressures.069 $937 $834 $733 $610 $1. 2009 . Forty-two percent of online buyers expect to be able to return or exchange items purchased online in a physical store. The total online and offline retail sales influenced by eCommerce will grow at a CAGR of 10% for the next five years.20 To gain competitive advantage.19 · Shoppers continue to value a multichannel experience. Reproduction Prohibited February 2. Forrester Research. inc.US Online Retail Forecast. and to ensure that they make the right purchase decision. they will then derive the benefits of the online influence on offline sales. and 27% want to be able to order products online and pick them up in a brick-and-mortar store. Inc.
5% in 2008 — the weakest expansion since the bank started keeping records in 1970. Anecdotal reports from online retailers and the vendors serving them herald some retrenching regarding planned near-term investments. Retailers with international operations abroad have been benefiting from economies of scale. · Global economic growth has slowed down. inc. 2007 To 2012” JupiterResearch report. 2008 To 2013 For eBusiness & Channel Strategy Professionals International Online Retail Expansion Loses Luster with The Growing Global Economic Crisis What seemed to be a US-only financial crisis has expanded and is now stretching across the globe — from the developed world to developing countries. · Capital investment is retrenching.12 US Online Retail Forecast. over time. the prospects of investing in such an expansion for those that have not done it already may be less attractive in the next two years. “US Online Retail Forecast. · Developed countries are equally as affected as developing countries. while decreased consumption in the US has affected countries like China. They report that rather than moving forward with total replatforming projects. improving the checkout experience by implementing a Flash-based process is a more plausible investment than a full-fledged international expansion project in tough economic times. which will have an impact on online sales abroad. Forrester Research. retailers may be looking to pick a few smaller development projects. 2009 © 2009. This pattern is likely to affect retailers that have not yet launched operations abroad but were planning to do so in the coming quarters. The credit crisis has extended to countries in the European Union. February 2. online retailers need to remain cautious. See the January 26. 2009 | Updated: March 4. but we will not see “hockey-stick” growth opportunities.9% in 2009. due to the natural maturing of the online market. yet. yet not as severely as offline sales. however. consumption will closely follow this reduction of economic growth. Consumers in developed and developing countries are strapped for cash. Consumers across the globe will have to scale back just as US consumers are forced to now. W H aT i T M E a n S ONLINE RETAILERS NEED TO REMAIN CAUTIOUS IN ThE IMMEDIATE FUTURE During the next 12 to 18 months. down from 2. The growth rate will pick up starting in 2010/2011. This period will continue to reinforce the fundamental values of the online environment. which will likely resonate with consumers’ concerns in the long term and support online sales growth during financially difficult times and beyond. 2008. hindering the expansion of online sales abroad. The latest economic forecast from the World Bank expects the world economy’s growth to slow to 0. The current economic crisis will affect online sales. Reproduction Prohibited . ENDNOTES 1 Online retail in the US continues to perform well in spite of macroeconomic events. the market will inevitably mature.21 Due to consumers’ increased unemployment and decreased income. For example.
2008 To 2013 For eBusiness & Channel Strategy Professionals 13 2 3 Source: The Wall Street Journal December 2008 Economic Forecasting Survey. Reproduction Prohibited February 2. 2009 . Source: The DMA 2008 Statistical Fact Book (http://www.com/article/SB123011725097232599. Source: “Personal Saving Rate. Source: JupiterResearch/NPD Retail Consumer Survey (04/08). “Toyota’s Domestic Output Drops Sharply. inc. n = 2.nmoa.bea. Source: JupiterResearch/NPD Retail Consumer Survey (04/08). Source: Jupiter Research Economic Downturn Online Consumer Survey. “US Console Games Forecast. Source: Jupiter Research Economic Downturn Online Consumer Survey. Source: JupiterResearch/NPD Retail Consumer Survey (04/08). Source: Yoshio Takahashi.” The Wall Street Journal. see the November 12.isr. 2008 to 2013” JupiterResearch report. 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 © 2009.” Associated Press.” The Wall Street Journal. n = 2. 2008 (http://online. Source: The Wall Street Journal December 2008 Economic Forecasting Survey.” US Bureau of Economic Analysis (http://www. June 2008 (http://www.org/catalog/dma/dma_stats.com/article/SB122938758242108907. Source: JupiterResearch/NPD Retail Consumer Survey (04/08).231 (US). Q4 2008. Source: JupiterResearch/NPD Retail Consumer Survey (04/08).231 (US). n = 2.231 (US). 2008 (http://online. Forrester Research.gov/briefrm/saving.231 (US).231 (US).html). 2008.231 (US). December 24.umich.html).231 (US).yahoo. Source: Yukari Iwatani Kane and Justin Scheck. 2009 | Updated: March 4. Q4 2008. “Big Video Games Fans Prove Crucial to the Industry. Source: JupiterResearch/NPD Retail Consumer Survey (04/08).php?c=r). Source: Jupiter Research Economic Downturn Online Consumer Survey. Source: JupiterResearch/NPD Retail Consumer Survey (04/08). December 16. “Apple Loses Some Shine as Mac Sales Slow. n = 2.wsj.htm).US Online Retail Forecast. Source: Institute for Social Research of the University of Michigan Surveys of Consumers Report.com/news/Big-video-game-fans-prove-apf-13870552. For additional information on PC and console games. Q4 2008. 2008 (http://finance. December 18. n = 2.htm). n = 2. Source: Barbara Ortutay. Source: Jupiter Research Economic Downturn Online Consumer Survey.sca.html). Q4 2008.wsj.edu/documents. n = 2.
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