U.S. online sales are projected to grow 12 percent this holiday season, their lowest-ever jump, as consumers curb spending, Forrester Research predicted in a report released on Tuesday.

About one-third of online buyers plan to spend less this November and December than they did last year, the research group found.

"Inflationary prices on basic goods, tightened credit lines, and a growing number of corporate layoffs are looming economic pressures that necessitate a softened forecast," said the report.

U.S. consumers have curtailed spending this year amid a global financial meltdown, credit crunch and lingering housing slump in the United States. Retailers have been squeezed as more shoppers cut back on their spending to save for necessities like gasoline and food.

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