In the 9th quarter of reporting projected eCommerce spending data, the eBillme Online Spending Index shows that consumers’ online spending intentions in Q3 2010 are forecast to increase by the biggest quarterly percentage since eBillme first began collecting data in 2008, with more people looking for a variety of payment options that will protect them from fraud.
According to the eBillme Online Spending Index, a quarterly survey conducted by Javelin Strategy & Research which has proven to be an accurate and useful tool for eCommerce merchants, shoppers plan to spend an average of $271.77 online per customer over the next 90 days, up 8% from Q2 2010 and an increase of 20% from the same quarter last year. This is a very strong upward jump for the quarter – the largest since the data series began in Q3 2008 – and indicates a recovery from the decline in online spending seen during the economic downturn.
Approximately 54% of the 1,238 consumers surveyed plan to spend at least $100 online, up from just 47% in the previous quarter. Fewer people said they will be delaying purchases due to uncertainty in the economy, down to 44% from 48% in Q2 2010 and 57% in Q3 2009. As such, all signs point to stronger consumer confidence and an increase in spending over the next 90 days.
The index also shows that 79% of shoppers want more payment options to protect them from fraud when shopping online, while 53% said they would buy more online if they felt more protected against identity theft.
eBillme also looked at consumers’ projected online spending for the back to school season and found that 17% of shoppers are planning to spend more on back to school supplies this year and 21% are leaning more towards buying online than shopping in-store compared to last year. 17% said they will shop for back to school supplies online this year, while 14% said they plan to spend more online for back to school supplies in 2010.
This quarter will be an important one to capitalize on the back to school shopping season, as consumers plan to spend an average of $516.96 per customer for back to school, both online and offline. Clothing, books and computers will be the biggest purchases this season, with shoppers planning to spend an average of $96.28 on clothes (not including shoes), $95.36 on books and $85.40 on computers.