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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
TechRadar. the foundational strengths of eCommerce. eCommerce will continue to have a very strong influence on both online and offline retail sales. All rights reserved. such as accessibility. 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. Nonetheless. Cristina Bugnaru. will also support growth. Inc. the demographics of online buyers will sustain the pace of growth of online sales. To purchase reprints of this document. like PCs and home improvement products. 2009 | Updated: March 4. 2008” October 21. Unauthorized reproduction is strictly prohibited. such as video games. please email email@example.com.For eBusiness & Channel Strategy Professionals Includes a market-sizing forecast February 2. go to www. and Total Economic Impact are trademarks of Forrester Research. Forrester Wave. 2008 To 2013 by Patti Freeman Evans with vikram Sehgal. decreased spending. and Brendan McGowan ExECUT i v E S U M Ma Ry US online retail sales will reach $229 billion in 2013.com. Technographics®. pet supplies. as these buyers are less susceptible to financial difficulties. In the long term. due to lack of credit access.com. Opinions reflect judgment at the time and are subject to change. Forrester®. will weather the economic conditions better than others. 2008 © 2009. RoleView. and price-conscious behavior. The online market will enter a natural early phase of maturing in the latter three years of the forecast. All other trademarks are the property of their respective companies. For additional information. Some product categories. and auto parts. The market will grow at a CAGR of 10% over the five-year forecast period. with the total Web impact on retail sales growing at a CAGR of 10%. Forrester Research. 12 Online Retailers Need To Remain Cautious In The Immediate Future Related Research Documents “US Online Holiday Retail Forecast. low consumer confidence. . Information is based on best available resources. Inc. The current economic crisis is dampening the immediate growth of online sales. 2009 US Online Retail Forecast.
4% as job cuts continue into 2010.2 Consequently. online retail will have a dampened growth rate through 2010 (see Figure 3).2 US Online Retail Forecast. In light of the current economic environment. further reducing consumer spending power. According to a recent JupiterResearch consumer survey.4 February 2. According to a recent Wall Street Journal survey of 54 economists. which contrasts with the recent weak offline sales during this past holiday season. inc.9% drop in the house price index. Forrester Research. the June 2008 index of consumer sentiment reached 56. the unemployment rate is forecast to top out at 8. as we had noted in previous years. falling home prices. 2009 © 2009. a reflection of the general consumer wariness. Consumers are no longer able to take equity out of their homes to fund spending. toward the end of the five-year forecast.3 The reality of the current economic conditions and the continuous media reporting of increasing gas and consumer product prices. 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.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. A CAGR of 10% is a reflection of continued eCommerce strength. 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). with online being less affected. declines in pension investments. 2008 To 2013 For eBusiness & Channel Strategy Professionals ThE PACE OF US ONLINE RETAIL SALES GROwTh SLOwS SLIGhTLy BETwEEN 2008 AND 2013 In 2008. accelerating job losses. · Online buyers have less available credit to finance their purchases. Over the five-year forecast period of 2009 to 2013. the multiple economic pressures that consumers are facing will negatively influence both the online and the offline US retail sectors. the negative effects of the economy will have dwindled. and the restriction of the credit markets have had a negative effect on consumer confidence. By 2011.4. the growth curve will dip below double-digit levels because of the natural market maturing pattern of the online retail environment. and The Wall Street Journal December 2008 Economic Forecasting Survey predicts a 6. with further declines expected into 2009. 2009 | Updated: March 4. however. The recent economic crisis has caused a decrease in home prices. US retail sales grew to $141 billion. 35% of buyers plan to avoid major purchases given the current state of the US economy. According to the Institute for Social Research of the University of Michigan. a 34% decrease since the same month in 2007 — and the third-lowest reading since 1952. we project 2009 sales to grow by approximately 11% (see Figure 1). · Consumer confidence is at its lowest point in decades. Reproduction Prohibited .
7 $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 $141.8 $3.3 13% $23.6 $7. accessories.2 $6. 2008 To 2013 For eBusiness & Channel Strategy Professionals 3 Figure 1 Forecast: US eCommerce Sales.8 $6.7 $6.4 $7.2 $6.5 $5.3 $30.8 $7.8 $2.7 $6.5 $7.5 $2.3 $3.9 $1.0 $19. 2008 To 2013 Actual 2008 Total US online sales ($ billions) Growth Apparel. Reproduction Prohibited February 2.7 $3. © 2009.5 $11.5 $2.1 $25.5 $8.0 $1.9 13% $30.1 $13.0 $1.9 $2.9 $3.3 $3.5 $4.7 $4.3 $4. 12/08 (US) 53795 Source: Forrester Research.9 $5.8 $7.2 $5.6 $5.9 $7.8 Source: Forrester Research Internet Shopping Model.8 $6.9 $8.7 $10.3 $15.9 $30.4 $8. 2009 | Updated: March 4. and footwear Appliances and home improvement Art and collectibles Auto parts Books Computer hardware.1 $3.3 $32.3 $7.7 $34. software.2 $5.0 $1.8 $2.5 $3.6 $2.2 $12.5 2011 $194.1 $14.2 $2.1 $6.4 $3.7 $7.8 $3.3 $3.6 $5.1 $25.9 $7. Inc.4 2010 $176.0 $6.1 8% $40. inc.6 2012 $211.2 $1.4 $16.0 $2.2 $7.1 $5.4 $9.6 $3.9 $11.9 $22.0 $19.8 $2.2 $5.4 $6.4 $1.2 $7. 2009 .0 $5.2 $5.2 $27.9 $2.6 $1. Forrester Research.3 $17.4 10% $34.5 $1.2 $5.6 $3.2 $5.7 $2.2 $4.7 9% $37.6 $8.US Online Retail Forecast.2 $2.4 $27.5 $5.9 $10.6 $3.2 $1.1 $36.1 $1.1 11% $27.2 $7.2 Forecast 2009 $156.0 $2.4 $8.7 2013 $229.5 $1.6 $17.7 $3.3 $1.4 $8.0 $7.5 $5.2 $7.3 $6.1 $6.3 $2.
12/08 (US) 53795 Source: Forrester Research. February 2.4 US Online Retail Forecast. 2008 To 2013 For eBusiness & Channel Strategy Professionals Figure 2 US Online Retail Sales Will Grow at a CaGR Of 10% Through 2013 US online retail sales* ($ billions) $211.7 $194. 2009 | Updated: March 4.1 2007 % of total US retail sales 5% 2008 5% 2009 6% 2010 6% 2011 7% 2012 8% 2013 8% *Retail does not include auto. 2009 © 2009.1 $156. Source: Forrester Research Internet Shopping Model. Reproduction Prohibited . and prescription drugs.3 $125. 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. Forrester Research.4 $176.9 $141. travel.1 $229. inc. Inc. Inc.
after almost four years at less than 1%. Due to their particular characteristics. Forrester Research. Thirty-three percent of online users will do more research online to make sure they get the best price before purchasing goods. which translates into difficult times for retail. this group makes an average of 10 purchases per year. 2009 | Updated: March 4. · In the near term. Online buyers with household incomes of $75.7 Twenty-two percent say they will use search engines and comparison-shopping sites. 2009 © 2009. 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. According to the Bureau of Economic Analysis. where women are commonly held to account for roughly 70% of purchases (see Figure 5). They make up more than 40% of all online buyers — almost twice the number of those with household incomes of $50.000. Reproduction Prohibited . 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. a period during which most retailers posted decreases.9 February 2. They are also less affected by the economy than the average consumer. · Consumers do more research for the best deals. Discount stores and merchandise mixes that appeal to consumers’ need to trade down are more likely to be successful in the current environment.5 Saving more means spending less. inc. using the Web to reduce the number of visits to the stores. Consumers are aware that the economy goes through cycles.6 This urge to trade down is also reflected in WalMart’s remarkable performance in the 2008 holiday season.8 Forty-four percent of consumers with household incomes of $75.4% in same-store sales for the month of November.000 or more think that their financial situation is likely to remain about the same. 2008 To 2013 For eBusiness & Channel Strategy Professionals 5 · Consumers are saving more than they have in the past four years. Online Buyers’ Demographics Are A Catalyst For Online Retail Sales Growth The recent economic developments have influenced all consumers in the US. The male/female spending split is almost equal online. which is two more than the average online buyer. while 25% believe that it will become slightly better. they will continue to maintain a decreased spending level in an attempt to rebuild their savings — even if their confidence increases. · Online buyers are wealthier and less affected by the economy.US Online Retail Forecast. and 13% will plan their trips in more detail. but given the depth of the current recession. Fifteen percent of consumers plan to buy secondary market products rather than the newest item. Also. online buyers remain a bit more resilient overall and thus will help sustain modest online sales growth. disproportionate online spending by men will support online sales. this contrasts with offline. The world’s largest retailer reported an increase of 3.000 or more represent the largest group of the online buying population (see Figure 4). 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. 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. · Consumers are finding ways to trade down.000 to $75.
Forrester Research.000+ $50. 2008 To 2013 For eBusiness & Channel Strategy Professionals Figure 4 Households With incomes Of $75.000+ 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. February 2. Inc. 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.000-$75. Inc. 12/08 (US) 53795 Source: Forrester Research.6 US Online Retail Forecast. 2009 © 2009. 12/08 (US) Source: Forrester Research. inc.000 Overall online retail spend ($ billions) $68 $92 $82 $75 $111 $98 $105 $28 $75. Reproduction Prohibited .000-Plus Provide More Than Half Of Online Retail Spend Household income: $75. 2009 | Updated: March 4.
convenience. 2009 . as there are no switching costs involved in moving from one Web site to another. which can reduce the price even further. Product reviews are one of the features that clearly distinguish the online shopping experience from the offline one.11 The online channel offers the possibility of doing this research easily. 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. Twentythree percent of online buyers shopping at more than one Web site were in search of product reviews from other buyers or from experts.000 or more. the year-over-year growth percentages of online sales will get stronger by 2010/2011. Seventy-one percent of online buyers who use more than one Web site when purchasing products online are in search of better prices. Forrester Research. these growth rates will not bounce back to pre-2007 levels. These benefits are likely to motivate a wallet shift from offline to online. 41% do so because they like to shop around whereas 30% are in search of more product information. inc. Individual online buyer spending will begin to enter a period of stabilization in the later years of the current forecast. However. · The Internet provides easy. Online Retail Sales Growth will Level Off In The Long Term With the strengthening of the economy. The vastness of the sites offering relevant product information has proved valuable to online users rather than daunting. the number of consumers who have made at least one purchase © 2009. the number of online purchases will stabilize. 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. · Online shopping offers consumer and expert opinions.12 This type of content offers an extra boost of confidence and will continue to attract consumers. and access to information. In fact. · Over time. as the online marketplace will enter a natural early phase of maturing by the latter three years of the forecast.13 · New buyer growth slows to a long-term organic pattern. At the same time. Online buyer penetration is already slightly more than 70% among those online buyers ages 19 to 64 and with household incomes of $75. anytime access to a vast array of useful information. with consumers making an average of eight online purchases per year. Of the online buyers who use more than one Web site when shopping around.US Online Retail Forecast. These include better deals.10 The online channel is still perceived as a means of finding the best deals and less expensive items. 2009 | Updated: March 4. By 2013. · Online shopping is perceived as less expensive. Consumers can conveniently research a larger set of retailers than they could visit in their local market. 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. Reproduction Prohibited February 2. further strengthening online sales and fostering added growth of channel share.
The economic downturn affects these growth rates but does not affect the growth rates of all categories equally (see Figure 6). 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. such as apparel and accessories and consumer electronics. 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. Inc.14 Analogous industries give us a directional sense of how a channel matures over time. such as PCs. and books. will grow at less than 10%. Over the coming decades. and the DMA projects that it will remain at that rate over the coming five years. 2009 © 2009. online retail sales will plateau at around 10% of total US retail sales Within the confines of this five-year forecast. · The stabilization of online sales characterizes the long-term growth trend. the rate of growth for online sales in the US will slow to a compound annual growth rate (CAGR) of 10% through 2013. with economic factors causing some near-term downward adjustments. Reproduction Prohibited . Some of these categories are large in terms of actual spending. Other large categories.8 US Online Retail Forecast. Moreover. 12/08 (US) 53795 Source: Forrester Research. Forrester Research. software. 2009 | Updated: March 4. 2008 To 2013 For eBusiness & Channel Strategy Professionals online will reach 69% and is expected to plateau at this level. 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. February 2. The mature US catalog industry will see sales growth of 8% year over year. inc.
2009 | Updated: March 4. 2008 To 2013 For eBusiness & Channel Strategy Professionals 9 PCs/Electronics These include: · Personal computers (PCs). © 2009. showed signs of weakness in November 2008. even these enticements may fall on deaf ears. Reproduction Prohibited February 2. the PC category is more adversely affected by consumers cutting back their spending. 2009 . Forrester Research. it has matured earlier than others (see Figure 7). In contrast. The nature of a PC purchase is an “all or nothing” one. Inc.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. a consumer may buy one book fewer in a year but will still buy books in a year of lowered spending. with many buyers in this category choosing to bypass high-ticket purchases during financially difficult times. inc. 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. with sales declining 1% compared with a year earlier. The PC product category will grow 7% in 2009 and 12% in 2010. Even Apple. Therefore. a slight decrease from last year’s 15%. a company that has outpaced the growth of the overall PC market. 12/08 (US) 53795 Source: Forrester Research. as an early growth category. particularly on big purchases where they cut out buys in that category completely. however. Technological advancements often drive sales in this product category. as people will either buy a PC or defer their purchase.US Online Retail Forecast.
With double-digit growth. This is one category that is not weathering the recession as well as other businesses. newer systems like the Wii have attracted a videogame-playing audience that traditionally shied away from gaming. This substantial decrease in the growth rate will bounce back slightly during 2009. with spending going up by 17% in 2010. inc.5 billion in 2008 and grew 15% over 2007.16 Consumers’ inclination to “nest” during difficult times is thus reflected in the sales of video games. such as pet toys. online spending on home improvement products increased by only 3%. With house sales declining. 2008 To 2013 For eBusiness & Channel Strategy Professionals · Video games. and the number of online buyers in this product category will grow at a CAGR of 11%. with software publishers releasing titles aimed at young girls. In addition. Do-It-yourself Items These include: · Home improvement products.6% in November 2008 and its exports dropped 23. In 2008. due to consumers’ tendency to pamper their pets for the emotional comfort that they provide in return. such as pet food. families. The online sales of auto parts will grow at a CAGR of 12% over the next five years. Reproduction Prohibited . Some items. are affordable indulgences that entail at least a minimum level of spending. The current recession is increasing consumer interest in auto parts.17 As a result. and women over 35. The total online spending for pet supplies will grow at a CAGR of 17% over the next five years. as consumers turn toward fixing their cars instead of buying new ones. Affordable Indulgences These include: · Pet supplies. Video games are an interactive form of escapism.18 February 2. and Toyota’s domestic sales decreased 27. Pet products are not necessarily high-ticket items. 2009 © 2009. consumers are also not doing any major improvements to their homes but are instead limiting themselves to necessary repairs. are necessities for pet owners and require regular purchases.9% in the same month. Forrester Research. the video game market has been growing at a healthy rate. an area where spending was not cut back in 2008. With the introduction of Nintendo’s Wii and various enhancements to the latest-generation console systems. this category seems to be more insulated from the recession than others. 2009 | Updated: March 4.10 US Online Retail Forecast. and they cost no more than a family’s movie outing or having dinner at a restaurant. More games targeting a broader family set have appeared. whereas other items. · Auto parts. online sales reached $4. A sharp decline in demand for cars reinforces this trend: GM expects to get government funding to pull itself out of financial trouble.
Inc.20 To gain competitive advantage. and 27% want to be able to order products online and pick them up in a brick-and-mortar store.348 $1. · Customers don’t want to make a mistake. 2008 To 2013 For eBusiness & Channel Strategy Professionals 11 Online Research will Influence More Than half Of Offline Sales Online sales and offline sales influenced by consumers researching their purchases online will grow to 54% of total US retail sales by 2013 (see Figure 8). Forty-two percent of online buyers expect to be able to return or exchange items purchased online in a physical store.19 · Shoppers continue to value a multichannel experience. to research better prices. Thirty-four percent of online buyers make a purchase only after returning to the Web site for a second time. Figure 8 Online Research Continues To Play a Primary Role in influencing Offline Sales US online and online-inﬂuenced retail sales ($ billions) Online-infuenced retail sales Online retail sales $1.US Online Retail Forecast.177 $1. they will then derive the benefits of the online influence on offline sales. This staggering percentage illustrates the value consumers place on the Internet as a trusted research resource for their purchases. Forrester Research. © 2009. 2009 | Updated: March 4.266 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. 2009 . a percentage unaffected by the economic pressures. The total online and offline retail sales influenced by eCommerce will grow at a CAGR of 10% for the next five years. 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. Reproduction Prohibited February 2. This does not necessarily prove their indecision but rather the fact that they use the Web as a tool to inform themselves about products. and to ensure that they make the right purchase decision.069 $937 $834 $733 $610 $1. retailers should implement a highly integrated strategy that brings together their online and offline stores. inc.
Retailers with international operations abroad have been benefiting from economies of scale. Forrester Research. “US Online Retail Forecast. 2007 To 2012” JupiterResearch report. The current economic crisis will affect online sales. however. They report that rather than moving forward with total replatforming projects. See the January 26. yet. 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.12 US Online Retail Forecast. Consumers in developed and developing countries are strapped for cash.5% in 2008 — the weakest expansion since the bank started keeping records in 1970. hindering the expansion of online sales abroad. the market will inevitably mature. · Global economic growth has slowed down. Consumers across the globe will have to scale back just as US consumers are forced to now.9% in 2009. Anecdotal reports from online retailers and the vendors serving them herald some retrenching regarding planned near-term investments. down from 2. 2009 © 2009. The credit crisis has extended to countries in the European Union. 2009 | Updated: March 4. February 2. This period will continue to reinforce the fundamental values of the online environment. 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. but we will not see “hockey-stick” growth opportunities. 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. inc. yet not as severely as offline sales. The growth rate will pick up starting in 2010/2011. This pattern is likely to affect retailers that have not yet launched operations abroad but were planning to do so in the coming quarters. 2008. The latest economic forecast from the World Bank expects the world economy’s growth to slow to 0. retailers may be looking to pick a few smaller development projects. For example. · Capital investment is retrenching. ENDNOTES 1 Online retail in the US continues to perform well in spite of macroeconomic events. · Developed countries are equally as affected as developing countries. due to the natural maturing of the online market. online retailers need to remain cautious. 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. while decreased consumption in the US has affected countries like China. Reproduction Prohibited . which will have an impact on online sales abroad. consumption will closely follow this reduction of economic growth.21 Due to consumers’ increased unemployment and decreased income. over time. which will likely resonate with consumers’ concerns in the long term and support online sales growth during financially difficult times and beyond.
For additional information on PC and console games. 2008 to 2013” JupiterResearch report. Source: The Wall Street Journal December 2008 Economic Forecasting Survey.com/news/Big-video-game-fans-prove-apf-13870552.nmoa. Source: JupiterResearch/NPD Retail Consumer Survey (04/08). Reproduction Prohibited February 2. “Toyota’s Domestic Output Drops Sharply. Source: Barbara Ortutay. inc.php?c=r). Source: Jupiter Research Economic Downturn Online Consumer Survey.231 (US). 2008. n = 2.umich.wsj.org/catalog/dma/dma_stats.html).231 (US). 2008 To 2013 For eBusiness & Channel Strategy Professionals 13 2 3 Source: The Wall Street Journal December 2008 Economic Forecasting Survey. Q4 2008. Source: Jupiter Research Economic Downturn Online Consumer Survey.bea. December 24.com/article/SB123011725097232599. 2009 . Source: “Personal Saving Rate.htm). “Big Video Games Fans Prove Crucial to the Industry. Source: JupiterResearch/NPD Retail Consumer Survey (04/08). June 2008 (http://www. 2009 | Updated: March 4.htm).html). Source: The DMA 2008 Statistical Fact Book (http://www.231 (US). “Apple Loses Some Shine as Mac Sales Slow.com/article/SB122938758242108907.isr. see the November 12.231 (US). Forrester Research.edu/documents.gov/briefrm/saving. Source: Institute for Social Research of the University of Michigan Surveys of Consumers Report.” The Wall Street Journal. “US Console Games Forecast. December 16.yahoo. n = 2. Q4 2008. Source: JupiterResearch/NPD Retail Consumer Survey (04/08).231 (US). n = 2.html). December 18. Source: Yoshio Takahashi. 2008 (http://finance. 2008 (http://online.US Online Retail Forecast.wsj. Q4 2008.” The Wall Street Journal. 2008 (http://online. Source: JupiterResearch/NPD Retail Consumer Survey (04/08). n = 2.” US Bureau of Economic Analysis (http://www. Source: JupiterResearch/NPD Retail Consumer Survey (04/08). Source: Yukari Iwatani Kane and Justin Scheck.231 (US).sca. n = 2. n = 2. n = 2.231 (US).” Associated Press. 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 © 2009. Source: JupiterResearch/NPD Retail Consumer Survey (04/08). Source: Jupiter Research Economic Downturn Online Consumer Survey. Source: JupiterResearch/NPD Retail Consumer Survey (04/08). Source: Jupiter Research Economic Downturn Online Consumer Survey. Q4 2008.
5000 Email: firstname.lastname@example.org. consumer insight.613. visit www. 53795 . please contact Client Support at +1 866. and peer-to-peer executive programs. For information on hard-copy or electronic reprints. (Nasdaq: FORR) is an independent research company that provides pragmatic and forwardthinking advice to global leaders in business and technology. events. visit www. Forrester works with professionals in 19 key roles at major companies providing proprietary research.7378.6000 Fax: +1 617.367.Making leaders Successful Every Day Headquarters Forrester Research. consulting. We offer quantity discounts and special pricing for academic and nonprofit institutions. Inc.com.com Research and Sales Offices Australia Brazil Canada Denmark France Germany Hong Kong India For a complete list of worldwide locations. or clientsupport@forrester. Forrester has been making IT.forrester. MA 02139 USA Tel: +1 617. For more information.com/about. +1 617. marketing.forrester. Inc. and technology industry leaders successful every day.forrester. 400 Technology Square Cambridge. Israel Japan Korea The Netherlands Switzerland United Kingdom United States Forrester Research.613.com Nasdaq symbol: FORR www. For more than 25 years.613.
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