According to comScore in this 47 page overview:
"- We're seeing clear signs that we‟ve hit the bottom of the decline in e-commerce spending, and comScore expects some modest growth in the holiday season compared to last year
Consumers continue to be very cautious about their spending given concerns about:
* The job market/unemployment/lack of job creation
* Declines in housing prices/Underwater mortgages
* Lack of credit and too much debt
* Rising gas prices
- E-commerce continues to attract more buyers, but they are spending less than a year ago by completing fewer transactions and spending less per shopping trip
- Retailers are hiring fewer workers and carefully planning their inventory so as to avoid heavy discounting post-season
- The holiday season will likely be characterized by heavy discounts/price wars, promotions/couponing, an earlier start to the season and an increased use of digital marketing"
Source: comScore State of the U.S. Online Retail Economy in Q3 2009.