Online spending declines slightly

Online spending at U.S. retailers has fallen less than 1% in the holiday season so far, research firm ComScore Inc. said Sunday.

Consumers spent $24 billion over the Internet from Nov. 1 to Friday, compared with $24.2 billion in the same period a year earlier, the Reston, Va., research firm said.

Consumers have tightened their holiday-spending budgets because of rising unemployment and declining home values.

Some shoppers are heading online to comparison shop for lower prices, opening their wallets only to heavily discounted items or free shipping offers.

“The combination of the compressed holiday schedule and the challenging economic situation faced by many consumers means that retailers have their work cut out for them this season,” ComScore Chairman Gian Fulgoni said.

U.S. retail sales fell for a record fifth consecutive month in November, the Commerce Department said Dec. 12.

Confidence in the world economy has dropped in December as a global recession has spread, according to a survey of Bloomberg users on six continents.

Holiday retail shopping climbed 19% last year compared with 2006, according to ComScore data.

Shares of Amazon.com Inc., the world’s largest Internet retailer, fell 52 cents to $51.56 on Friday. The shares have dropped 44% this year. Wal-Mart Stores Inc. rose 33 cents to $55.74 on Friday. The shares have gained 17% this year.

The International Council of Shopping Centers has estimated that in November and December, sales at stores open at least a year may decline as much as 1%. That would be the largest drop since at least 1969, when the New York trade group starting tracking data.