US online sales to reach $117 bil in 2008

U.S. online retail sales are expected to reach $65 bil in 2004, and will continue to grow by a compound annual growth rate of 17% through 2008 to top $117 bil, according to a report issued from Jupiter Research. Jupiter expects that the online buying population will grow by 14% in 2004, representing 30% of the U.S. population. By 2008, one-half of the population will make purchases online. Online retail growth will be fueled by another factor: increased average spending per buyer. In 2004, online buyers are expected to spend an average of $585 person, up from $540 per buyer in 2003. That trend in higher spending is expected to increase over the next five years: Through 2008, average spending per buyer will be close to $780 per buyer.