Retail outlets have been experiencing a slowdown in sales for some time now and new figures show the trend has spread to the internet.

Indeed, data from comScore shows that online spending grew at its slowest pace on record last month as consumers reined in their spending, the Associated Press reports.

As well as contending with higher basic living costs, many are also facing large amounts of debt and are being forced to reduce their expenditure.

Online spending grew by just one per cent in October compared to the same month last year, which is the slowest rate of growth since 2001 when comScore began tracking.

The figures echo recent announcements from online retailers such as Blue Nile, Amazon and Saks, which have all experienced a slump in sales.

However, they stand in contrast to a recent survey by Deloitte, which revealed that 71 per cent of consumers plan to spend some or all of their holiday budgets online this year.

This may suggest that while more people are going online, they are perhaps cutting back on the overall amount they are spending on non-essential items.

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