A few quotes from a good article over at Entrepreneur.com:

“Another reason an internet startup could be lucrative even in a down economy is that online shopping is growing. In the first quarter of 2008, revenues generated by online-based businesses (and the online aspects of traditional retail businesses) were $32.4 billion, according to the U.S. Census Bureau. That tally is up 13.4 percent from results for the third quarter of 2007.”

Another one: 

“While Grau warns that the economic downturn is slowing e-commerce sales, online sales are still growing at triple the rate of store sales.  ‘It’s still a very desirable marketplace,’ he says.  And more and more online shoppers are turning to the web instead of paying for gas to go to the mall.” 

Check out the article:  http://www.entrepreneur.com/websmarts/article197198.html