Online Sales Hit 7-Year Low Dec 8, 2008

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Online spending grew by only 1% in October, according to surveys by market research firm ComScore, representing the lowest monthly growth rate since the firm began tracking e-tail sales in 2001.

October was the sixth consecutive monthly decline, following a high of 28% in August 2007. E-commerce growth rates increased just 4% between August and October 2008.

ComScore said the slowdown was driven by cutbacks among low- to middle-income households, while online spending by upper income segments remained robust.

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