Comscore State Of Us Online Retail Economy In Q3 09

State of the U.S. Online Retail Economy in Q3 2009 November 12, 2009

Gian Fulgoni, Chairman, comScore, Inc. Note: A copy of this presentation will be sent to all attendees within 24 hours of today’s webinar

Data sourced from comScore‟s global panel of 2 million Internet users

360° View of Consumer Behavior

Analysis Parameters

Web Visiting and Viewing

Demographics Life Stages



E-commerce data includes all worldwide buying on U.S. sites



Unless explicitly stated otherwise, the term ecommerce refers to online retail spending, which excludes travel, autos and auction sites



Behavioral activity through September 2009



Survey issued in October 2009, n=1046



Consumer Measurements:

Online / Offline Transactions

Search Behavior

Video



Media Exposure

–

Site Visitation

–

Buying

–

Mobile

–

Payment Method

–

Attitudes and Intentions

–

Demographics

Retailer Views –

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Multi-Channel vs. Pure Play

comScore Customer Knowledge Platform: A 360° View of 2 Million Global Internet Users WEB VISITING & VIEWING

DEMOGRAPHICS

• • • •

• Self-reported and validated

All Website/Page Click Stream Content Viewed Search Engine Queries Keyword Used

• Appended Segments (e.g. Claritas, Acxiom) • Individual & Household Level

ONLINE TRANSACTIONS

SURVEYS

• All Secure Session Activity • Purchases and Subscriptions • Price Paid, Shipping & Handling, Promotions • Applications/Configurations

• Email or Contextual “Pops” • Behavior-activated Surveys • Observation of All Surveys Taken Across All Suppliers

OFFLINE PURCHASING

MARKETING STIMULI • Online Ads • Referral Links

TV VIEWING

• Linked using Name and Address

• Client CRM Databases • Link to Digital Set Top TV Data • Retailer Loyalty Card Data Using Name & Address

Designed to be representative of the online population Projectable to the total U.S. population TRUSTe certified for information privacy & security © comScore, Inc. Proprietary and Confidential.

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State of the Economy: A Review of Key Macroeconomic Trends

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Validation of comScore Sales Data: Comparison of comScore data to U.S. Department of Commerce Quarterly U.S. e-Commerce Sales ($ Billions)

Billions ($)

Source: comScore & U.S. Department of Commerce (DOC)

% Change in e-Commerce Sales vs. YA Q2 ‟08

Q3 ‟08

Q4 ‟08

Q1 ‟09

Q2 ‟09

U.S. Dept. of Commerce

9%

5%

-5%

-6%

-5%

comScore

12%

5%

-4%

-3%

-4%

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comScore Estimate = (Total Non-Travel – Event Tickets + Estimated Auction Fees and Autos) Excludes travel and event tickets, but includes auction fees and autos

Q1- Q3 retail e-commerce sales are down 1% versus year ago, while travel sales are down 6% e-Commerce Dollar Sales Growth ($ Billions) Source: comScore e-Commerce Measurement +7% +17%

$200

+20% +22%

+9% +12%

$143

$153

+13%

$117 +20%

$93

$72

-3%

$171

+26% +29%

$221

-6%

+26% +33% +21%

+6%

+24%

Travel

+24% +26%

+26%

NonTravel

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-1%

We‟re seeing clear signs that we‟ve hit the bottom but still no positive growth …. Quarterly e-Commerce Sales Growth vs. YA Source: comScore e-Commerce Measurement

23% 17%

19% 13%

11%

6% -3%

0%

-1%

-2%

Quarterly Retail & Food Services Sales Growth vs. YA Source: U.S. Department of Commerce (DOC)

4%

4%

5%

4% 2%

1%

-8%

-10%

-9%

Note: The U.S. Department of Commerce calculation includes total retail and food service sales, which also includes motor vehicles and parts dealers © comScore, Inc. Proprietary and Confidential.

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Sales trends through the third quarter of „09 mirror last year and show no growth e-Commerce Dollar Sales ($ Billions) Source: comScore e-Commerce Measurement % Chg vs. Prior Quarter

+43%

-15%

-3%

+5%

+38%

-20%

-2%

-1%

$39.1 $33.0

-18%

-3%

-2%

$38.1 $31.2

$30.6

$28.4

$30.3

$31.0

$30.2

$29.6

$27.2

Billions ($)

$28.0

+26%

Q4 '06

Q1 '07

Q2 '07

Q3 '07

Q4 '07

Q1 '08

Q2 '08

Q3 '08

Q4 '08

Q1 '09

Q2 '09

Q3 '09

“Retail sales showed further signs of stabilization in October, according to new data from Mastercard‟s SpendingPulse unit, but they're not posting the kind of gains that would significantly boost the economy.” --WSJ Blogs, November 12, 2009

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All income segments showing declines in e-commerce spending Q3 2009 e-Commerce Sales vs. YA by Income Segment Source: comScore e-Commerce Measurement

Income Segment

Online Retail Spending Bracket Share of Change vs. YAOnline Retail Online Retail

Income Segment

Online Retail

Under $50,000

-5%

21% Spending

$50,000 - $99,999

-1%

45%

$100,000 or more

-3%

34%

Total

-2%

100%

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As the older mid-to-upper income households save to re-create their lost wealth, they are cutting spending. The 18-44 age group is purchasing more versus year ago, particularly in the high income segment

Q3 „09 Ecom Sales % Chg vs. YA

Age & Income Segment

$50K - $99.9K  18-44 yrs of age…………………………….. +3%  45 yrs or older……………………………… -5%

$100K or more  18-44 yrs of age ………………………….. +10%  45 yrs or older……………………………… -12%

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While no positive growth as of yet, the monthly trend in e-commerce sales in Q3 is somewhat encouraging Monthly e-Commerce Sales Growth vs. YA Source: comScore e-Commerce Measurement

Month

Growth Rate vs. YA

January 2009

+2%

February 2009*

+2%

March 2009

-1%

April 2009

0%

May 2009

-4%

June 2009

-1%

July 2009

-5%

August 2009

-1%

September 2009

0%

*February 2009 growth rate is seasonally adjusted to account for the leap year (2008).

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E-commerce continues to attract more buyers but they are spending less than a year ago

Key e-Commerce Buyer & Transaction Measures Source: comScore E-commerce Measurement

There are more people buying online vs. YA but they are spending less via fewer transactions and fewer dollars per transaction

% Chg in Q3 „09 vs. YA E-commerce Sales Growth

-2%

Buyer Change

+19.6%

Dollars Per Buyer Change

-18.4%

Dollars Per Transaction Change

-2.4%

Transactions per Buyer Change

-16.4%

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Consumer sentiment about the current state of the economy has improved – albeit marginally – among those earning less than $100K Consumer Fear Factor by Income Segment Q. To what extent do you agree with the following statement: “I am more afraid of the economic future than ever before.” Source: comScore Surveys – July & October 2009

-2%

77%

-2%

0%

73%

75%

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%age Pt. Change vs. Q2

However, a slightly improved outlook means little when you consider the impact of consumer debt on one‟s ability to spend on discretionary items Impact of Debt on Spending for Non-Essentials by Income Segment Q. How has your current level of debt impacted your ability to spend on non-essentials? Source: comScore Survey October 2009

4%

4%

6%

65%

50%

46%

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% Spending More on Non-Essentials

% Spending Less on Non-Essentials

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Unemployment/job security continues to be a top concern among all consumers Percent of Respondents Citing Their One Most Important Concern Q. Based on your current situation, which one of the following economic conditions most concerns you? Source: comScore Survey October 2009

Among All Consumers

Among Consumers Earning $100K or more

Unemployment/Job Security

42%

34%

Rising Prices

32%

19%

Financial Markets

13%

27%

Real Estate/Home Values

8%

15%

Other

5%

5%

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Consumers remain most concerned about unemployment, with little overall change in consumers‟ most pressing issues over the past several months Percent of Respondents Citing Their One Most Important Issue Q. Based on your current situation, which one of the following economic conditions most concerns you? Source: comScore Surveys - January, April, July & October 2009

Rising Prices

Unemployment/ Job Security

Financial Markets

Real Estate/ Home Values

Jan 09

April 09

July 09

Oct 09

Jan 09

April 09

July 09

Oct 09

Jan 09

April 09

July 09

Oct 09

Jan 09

April 09

July 09

Oct 09

29%

28%

32%

32%

46%

46%

40%

42%

14%

15%

13%

13%

7%

8%

8%

8%

$100K or more

15%

7%

22%

19%

42%

44%

28%

34%

20%

34%

30%

27%

19%

11%

11%

15%

$50K-$99,999

21%

22%

27%

28%

50%

50%

44%

43%

18%

17%

15%

13%

9%

10%

10%

12%

Under $50K

36%

38%

40%

39%

44%

44%

39%

42%

10%

8%

6%

9%

3%

7%

6%

4%

Total Household Income

“The U.S. jobless rate jumped up 0.4 percentage point to 10.2% in October, the highest level since April 1983. The government‟s broader measure of unemployment shot up even more, rising half a point to 17.5%.” –WSJ, Nov. „09 © comScore, Inc. Proprietary and Confidential.

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Just over half of consumers believe it will take more than a year for the unemployment rate to show signs of improvement Unemployment Rate Predictions Q. When do you think the unemployment rate will begin to improve? Source: comScore Surveys - July & October 2009

+1%

+2%

+5%

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-6%

17

0%

%age Pt. Change vs. Q2

Inflation concerns are again beginning to surface. To no surprise, as HH income decreases, rising prices become more worrisome Consumer Concern Over Rising Prices by Income Segment Q. Are you afraid that prices are going to rise in the next 3 months? Source: comScore Survey – October 2009

85% 76%

71%

Yes

No

15%

24%

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29%

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Some pundits are optimistic about the recession being “technically over,” but there are still many factors that will impact the speed of recovery

October 23, 2009 “25% of U.S. mortgage holders are “underwater” on their mortgages, with more than 10,000 additional U.S. homeowners entering the foreclosure process every day – and millions more homeowners only a (missing) pay check away from joining that category.”

October 29, 2009 “A total of 690,000 new vehicles were sold under the Cash for Clunkers program last summer, but only 125,000 of those were vehicles that would not have been sold anyway, [according to Edmunds.com]…[Because the] overwhelming majority of sales would have taken place anyway at some time in the last half of 2009…that means the government ended up spending about $24,000 each for those 125,000 additional vehicle sales.”

Note: According to the blog, The Big Picture, “nationally, 22% of all homes are underwater…Back out the mortgage-free homes, and we get 33% of all mortgaged homes are underwater.”

November 9, 2009

November 6, 2009 “U.S. consumer credit fell in September for an eighth straight month, the longest series of declines on record, as thousands of Americans lost their jobs and banks tightened access to loans… More than 100 banks have failed this year, and lenders are requiring tougher conditions for the credit they extend to consumers and businesses.”

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“The U.S. jobless rate jumped up 0.4 percentage point to 10.2% in October, the highest level since April 1983. The government‟s broader measure of unemployment shot up even more, rising half a point to 17.5%.”

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The promising Q3 „09 GDP report that showed 3.5% growth needs to be considered in the context of several short term stimuli that contributed to a temporary boost in the growth rate

“More than one percentage point of GDP growth in the third quarter came from car sales, driven in a large part by the temporary "cash for clunkers" program. After surging in July and August, retail car sales dropped 10.4% in September.” --WSJ, Oct 30, 2009

“Q3 GDP was also propped up by home building, which rose for the first time since 2005…and contributed a half-percentage point to GDP growth. But much of the housing revival reflects government efforts to push down mortgage rates, prevent or at least slow foreclosures, and reward home buyers with tax credits.” --WSJ, Oct 30, 2009

“Banks are buying U.S. government debt in an effort to shore up their balance sheets…Bank lending is basically back to where it was two years ago, and shows no sign off rebounding...Lending to small business, the real engine of job creation, is sadly decreasing each month.” --John Mauldin, President, Millennium Wave Advisors, LLC

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Job losses as a percentage of peak employment have dropped lower (and longer) than any other post WWII recession Percent Job Losses in Post WWII Recessions % Job Losses Relative to Peak Employment Month

Source: CalculatedRiskBlog.com

Number of Months After Peak Employment

“The country has lost more jobs as a percentage of peak employment than any time since the Great Depression. This includes the recessions of the early 1980s, even when they are combined.” --The Business Insider, Oct. „09

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Gas prices are increasing again, while food prices are now back to year-ago levels Percent Change in Price vs. YA Source: U.S. Bureau of Labor Statistics

6%

-42%

-40%

-40%

CPI for Gasoline (all types) by Month in 2009

AAA‟s Daily Fuel Gauge Report

250 200

Regular Unleaded Gas

150 100

Avg. Price for Nov. 3, 2009: % Chg vs. Month Ago Avg: % Chg vs. YA Avg:

50 0

Source: U.S. Bureau of Labor Statistics

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$2.89 +9% +11%

The Economy‟s Impact on Consumers‟ Online Shopping Behavior

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The Books & Magazines category was a top performer in Q3 ‟09, and will be one to watch as we head into the holiday season, with a heated price war already underway Q3 2009 e-Commerce Sales Growth vs. YA by Retail Sub-Category Source: comScore e-Commerce Measurement Category

Growth vs. YA

Books & Magazines

Up

Consumer Electronics (x PC Peripherals)

Up

Sport & Fitness

Marginally Up

Computers/Peripherals/PDAs

Marginally Up

Video Games, Consoles & Acces.

Flat

Event Tickets

Marginally Down

Jewelry & Watches

Marginally Down

Apparel & Accessories

Down

Home & Garden

Down

Furniture, Appliances & Equipment

Significantly Down

Toys & Hobbies

Significantly Down

Flowers, Greetings & Misc. Gifts

Significantly Down

Music, Movies & Videos

Significantly Down

“The holiday period represents anywhere between 25% and 40% of the industry's annual sales and is makeor-break for some categories, according to NRF.” – WSJ, Oct. „09 © comScore, Inc. Proprietary and Confidential.

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Pure play sites accounted for nearly six of every ten e-commerce dollars spent in Q3 „09, their highest share on record

e-Commerce Dollar Share by Retailer Type Source: comScore e-Commerce Measurement

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During the holiday season, buyers are more likely to make purchases on more than 1 site, buying on an average of 3 sites during the period

% Buyers Making a Purchase on 1 Site vs. 2+ Sites by Quarter Source: comScore e-Commerce Measurement Average # of sites buyers purchased on, of those who bought from more than one site.

2.97

3.02

2.97

44%

42%

41%

56%

58%

59%

Q1 08

Q2 08

Q3 08

3.33

48%

52%

Q4 08 1 site

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2.84

2.84

2.75

40%

38%

36%

60%

62%

64%

Q1 09

Q2 09

Q3 09

2+ sites

With more cross-shopping and less consumer loyalty toward a given retailer during the holiday season, it‟s no wonder aggressive pricing is taking center stage

Amazon vs. Wal-Mart Buyer Overlap Source: comScore e-Commerce Measurement

“Borders Group Inc took the latest step in the battle for book buyers this holiday season, promising customers it will ship items to their homes for free when they're out of stock in the company's bookstores.” – Reuters, Oct. „09

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3%

3%

8%

3%

4%

3%

77%

79%

70%

80%

78%

83%

20%

18%

23%

17%

19%

15%

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Walmart Only

27

Amazon Only

Overlap

In Q3, a few retailers were able to increase buyer conversion while experiencing heightened visitation compared to year ago

Average change in Buyer Conversion vs. year ago among top retailers: -3%

Q3 „09 UV‟s (MM)

4.7

37.0

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10.8

28

14.8

Source: comScore e-Commerce Measurement & Media Metrix

While luxury department stores have taken a hit in this economy, invitation-only e-luxury sites are flourishing – at least in visitation Unique Visitors and Growth vs. YA for September 2009

% Composition by HH Income for September 2009

Source: comScore Media Metrix

Source: comScore Media Metrix

Unique Visitors (000)

118%* 500 450 400 350 300 250 200 150 100 50 0

+199%

Total Internet

HauteLook

Gilt Groupe

Less than $40K

28%

25%

24%

21%

14%

$40K-$74.9K

35%

33%

31%

32%

23%

$75K-$99.9K

15%

17%

14%

20%

22%

$100K or more

22%

25%

31%

27%

41%

+222% +40%

Ideeli RueLaLa

*Note: comScore began tracking Hautelook in October „09 therefore its above growth rate is calculated vs. Jan „09 instead of vs. YA

Groupon.com – a relatively new “deal-of-the-day” site with a slightly different model and broader appeal – has grown 250% from July 2009 to September 2009.

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PayPal B2C Market Share has grown steadily over the past four years to almost 10% of B2C Transactions; 2008 Holiday-promotions drove an increase in PayPal dollar share for retailers PayPal B2C e-Commerce Market Share Source: comScore e-Commerce Measurement

2.3%

4.5%

6.5%

5.0%

4.1%

3.5%

2006

9.5%

7.5%

2007 Dollars

2008 Transactions

1H 2009

PayPal Share of Dollars at Specific Online Retailer Site Source: comScore e-Commerce Measurement

In Q4 08, Overstock.com customers were presented with 15% cash back on a $100 purchase when using PayPal Dell.com gave PayPal preferential treatment, positioning the payment option right under Dell‟s payment plan and above all other credit card options

Q3 08

Q4 08

Point Change

Overstock.com

15.0%

18.6%

3.6

Dell.com

1.9%

7.0%

5.1

AE.com

3.0%

8.0%

5.0

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Retailers have increased their discounting in response to sluggish consumer demand

% Change in Offers per Retailer in 2009 vs. YA Source: ShopLocal

Offers per Retailer

350 300 250

+15%

+5%

-5%

+11%

+22%

+10%

+16%

+16%

+7%

+3%

Aug

Sep

200 150 100

50 0 Jan

Feb

Mar

Apr

May

Jun

2008

Jul

Oct

2009

“Shoppers are „testing the waters a little more aggressively," said Ken Perkins, president of Retail Metrics Inc., a retail research firm. "They've gone from dipping their toe into the discretionary pool to stepping in a little further, maybe up to their ankles.” – WSJ, Nov. „09

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Coupon sites continue to grow in importance during these tough economic times, and as we saw in Q4 „08 we‟ll likely see visits and UVs spike in Q4 „09 Growth in Unique Visitors & Total Visits to Coupon Sites vs. YA

% Composition of Coupon Users on Selected Retail Sites in September 2009

Source: comScore Media Metrix

Source: comScore Segment Metrix

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Savvy Smartphone Users are Shopping Using Mobile: Is the smartphone to mobile advertising what broadband is to the PC? Category % Reach Among Mobile Phone Users Accessed Via Mobile Device Source: comScore MobiLens, US, 3-month average ending August „09

Source: TechCrunch, October 2009

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2009 Holiday Season Preview “Holiday shopping in 2008 was defined by the huge discounts that were available - and available very early in the holiday season.” – Reuters, October 2009 What will this year bring?

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Burning questions we‟re answering for retailers this holiday season:  In-store sales is still the primary metric we focus on. How do I prove that my holiday marketing spend drove incremental sales in my physical retail locations?

 I‟m advertising heavily across multiple channels this holiday season. What mix of marketing channels (digital and traditional) have the most significant impact on my brand?

 Have retailers‟ market shares shifted during the holidays within the Consumer Electronics category? – Same question for Apparel

 I know which digital marketing tactics (search, display, email, etc.) are driving traffic to my site. Which are most successful in driving online sales? How does this compare to my competitors?

 What do my category buyers do before ultimately purchasing? What sites do they visit? What do they search for?

 We‟ve ramped up our search spend this holiday season. How do I validate that this spend drove incremental sales that we wouldn‟t have gotten if we didn‟t spend?

 I know where to find my demographic target online, and I know where to find heavy visitors to my category. How do I determine where my category buyers are online so I can design my media plan accordingly? © comScore, Inc. Proprietary and Confidential.

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A net 46% of consumers earning under $50K anticipate spending less this holiday season; meanwhile a net 38% and 32% of those earning $50K to $100K and more than $100K respectively anticipate spending less Plans for Holiday Spending This Season Q. Do you anticipate your spending for the holiday season to be...? Source: comScore Survey October 2009

Overall, 50% of consumers anticipate their spending to be less this holiday season

7% 9%

37%

55%

Share of Online Retail Spend:

(21%)

8%

More than I Typically Spend

55%

45%

About the same

39%

46%

Less than I Typically Spend

(45%)

© comScore, Inc. Proprietary and Confidential.

(34%)

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Of those who intend on spending less this holiday season, more than half say it‟s because they have less money Reasons Consumers are Planning to Spend Less This Holiday Season Q. Why are you planning to spend less this holiday season? (check all that apply) Source: comScore Survey October 2009

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One-fourth of consumers typically travel during the holidays, with half planning to stay with family and friends and 15 percent saying they‟ve cancelled their plans completely Holiday Travel Source: comScore Survey October 2009 Q. Which of the following describes your travel plans this holiday season? (check all that apply)

Q. Do you typically travel during the holidays?

Yes

No

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Retailers are reaching into their marketing toolboxes this season to find ways to provide value to consumers and incentivize spending…

Promotions

Smart merchants will look at consumer behavior and apply free shipping and other promotional offers to specific customer segments during specific time periods. (Internet Retailer, Oct. ‘09)

Layaway

Layaway plans making a comeback for holiday shopping season: Driven by the credit crunch and sagging economy, Toys-R-Us has joined a growing list of retailers reviving the once-popular payment plan in an effort to boost sales. (Chicago Tribune, Oct. ‘09) Walmart plans to reduce prices as the season advances in areas including home, food and gifts. (Bloomberg, Oct ‘09)

Price Discounts

Social Media

Discount retailer Target is offering up to half off of popular toys like Barbie and Fisher Price to lure bargain hunters this holiday season. (CNNMoney.com, Oct. ‘09) With an understanding that many of today’s shoppers use Facebook and Twitter regularly, and because these tools are more cost-effective than traditional advertising, 47.1 percent of retailers surveyed will be increasing their use of social media this holiday season. (Shop.org, Oct. ‘09)

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…And, on the cost side of things, they‟re also doing more to try to boost profit margins and finish the year strong

Inventory Management

Personnel/ Staffing

Tweaking Marketing Mix

Because of the economic downturn this year, many retailers are underordering products – Baird notes that retailers’ inbound container shipments are down 16% from a year ago. (Bloomberg, Oct. ‘09) Shoppers willing to pry open their wallets may find a surprise on the shelves this season: not as many brands, a diminished palette of colors, and fewer deep discounts. (Boston Globe, Oct. ‘09)

Nearly half the nation's 25 biggest retail chains expect to hire fewer holiday workers this season than they did last year, another sign that retailers aren't counting on recession-strained shoppers to relax the tight grip on their pocketbooks this year. (Wall Street Journal, Oct. ‘09) The web will influence one in three holiday purchases this year, and retailers are using the Internet not only as a sales channel but also as a marketing vehicle. (Shop.org, Oct.‘09) The proliferation of mobile applications and social networks may yield new opportunities to pursue targeted advertising, build brand loyalty and measure campaign effectiveness. (Retail Trading, Sept. ‘09)

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Two thirds of consumers have not yet started their holiday shopping Timing of Holiday Shopping Q. Have you started shopping for the holidays? Source: comScore Survey October 2009

No 68%

Yes 32%

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Free shipping has become increasingly more prevalent; the percentage of transactions with free shipping increased 11 points since Q1 „08 to account for 42% of all e-commerce transactions

Percentage of e-Commerce Transactions with Free Shipping Source: comScore e-Commerce Measurement

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Average Order Value (AOV) Free Versus Paid Shipping Time Period

Free Shipping AOV

Paid Shipping AOV

Q1 08

$113

$86

Q2 08

$120

$88

Q3 08

$115

$91

Q4 08

$116

$96

Q1 09

$114

$87

Q2 09

$104

$88

Q3 09

$106

$90

Current Predictions for the 2009 Holiday Season…

 Retail Predictions The International Council of Shopping Centers: +1% Deloitte Research: flat Retail Forward: flat Archstone Consulting: - 1% National Retail Federation: -1% E-commerce Predictions Historical Comparison

Forrester: +8% Q1 2009 Q2 2009

Dept of Commerce -5.8% -4.5%

Forrester +11% +12%

comScore forecast will be issued w/o November 23

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Key Takeaways

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Key Takeaways  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

© comScore, Inc. Proprietary and Confidential.

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© comScore, Inc. Proprietary and Confidential.

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