Study: Online Consumer Spending to Average $100-$250 This Fall

Consumers plan to spend an average of $100-$250 online during the next 90 days, according to eBillme's "Online Spending Index," a quarterly survey examining consumer online spending.

 

The eBOS Index, conducted by Javelin Strategy and Research, and to be released quarterly by eBillme, polled 1,600 consumers to measure projected online spending for the quarter and the influencing factors including the economy, available payment options, security, and financial control.

 

This quarter, the Index also polled consumers about their online spending for back-to-school shopping, finding that 48 percent of consumers are delaying purchases due to uncertainty in the economy, and 32 percent of consumers are willing to spend more if they could purchase online with cash revealing a general shift towards cash preferences.

 

Female consumers indicated a five percent decrease in credit card sentiment further indicating a shift towards cash. "Consumer spending online is an indicator for consumer preferences, attitudes, and offline trends in society," said Marwan Forzley, President and CEO of eBillme.

 

Forzley said the Index results show "a significant shift" in consumer behavior, especially among female consumers. "We have noticed that as compared to men, a higher percentage of women are concerned with fraud, identity theft and the economy. In fact, 38 percent of women said that they would purchase more online if they could control their finances and pay using cash," he said.

 

This quarter's Index also found that18 percent of consumers plan to shop for back-to-school purchases online, with females and 18-24 year olds representing the majority.

 

Forzley said he "looks forward" to releasing this data quarterly to provide a snapshot of consumer online shopping activity and "track the various trends that will be uncovered."

 

Another study conducted recently by Javelin found that even though 84 percent of college students say they are educated about money management and understand the consequences of debt, "50 percent wish they had a plan to help decrease their debt."

 

According to the poll for Western Union (News - Alert) Payment Services conducted by Javelin Research, personal finance issues, including debt, have "a significant impact" on college students.

 

One in four college students ages 18-21 have two to three credit cards, and nearly one-third (29 percent) say it will be difficult to keep up with expenses at college because they are already in debt. In addition, 15 percent even admit that their grades have suffered as a result of debt they owe.