Abstract
Many experts believe that the global financial crisis in 2008 is the worst of its kind since the Great Depression in 1929. The crisis was started from housing market in the US and spread quickly into financial markets. It has had a ripple effect around the world and many other industrialized economies were troubled by its consequences and almost every industry has been influenced by its outcomes. Online retail (or B2C e-Commerce) as a part of retail industry was not immune from the financial crisis and its sales has a dramatic decline. In this paper it is found that 3 factors are main players which have impacted on online retail sales including: less credit available; increasing saving rate and decreasing consumption expenditures and falling consumer confidence and sentiment. Also by representing several figures and tables, factors affecting this trend such as age class, income and gender are discussed.
Highlights
The year of 2008 was not a good year for economy
Many experts believe that the global financial crisis in 2008 is the worst of its kind since the Great Depression in 1929
In this paper it is found that 3 factors are main players which have impacted on online retail sales including: less credit available; increasing saving rate and decreasing consumption expenditures and falling consumer confidence and sentiment
Summary
The year of 2008 was not a good year for economy. In this year many countries were troubling by financial crisis. Increasing in stock prices made unexpected wealth for people and they started to spend this extra money This led to the consumption boom of the late 90s, with saving rate out of disposable income falling from close to 5% in the middle of the decade to just over 2% by 2000 [1]. Its consequences have spread around the world and affected almost all aspects of people’s lives For example it has several significant socioeconomic impacts such as: Increasing unemployment rate: By incidence the financial crisis, companies tried to reduce their expenses so as a solution they cut the number of their employees. On the other hand to repel the crisis some governments injects money into society Sometimes this decision has inflationary results as it caused increasing inflation rate in some countries [2]. This paper is trying to investigate how the global financial crisis in 2008 has affected online retail
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