Cyber Monday Spending Shows Increase
ComScore reports that online retail spending on Cyber Monday shows a 25% increase from 2005. In total, it is estimated that consumers spent nearly $608 million in retail purchases for the year’s most celebrated online shopping holiday.
These numbers actually exceed the spending figures that ComScore originally projected for Cyber Monday ’06, proving once again that one should never underestimate the limits to which American consumers will go to satiate their need for goods and services.
“Online consumer spending on Cyber Monday this year reached $608 million, making it the highest single day in retail e-commerce history and the first day ever to break the $600 million threshold,” said Gian Fulgoni, chairman of comScore Networks.
“While it was certainly an historic achievement, the online holiday shopping season is just beginning to kick into high gear. Having analyzed and reported on online sales for more than five years, we fully expect several days in the coming weeks to eclipse the spending that occurred on Cyber Monday.”
CyberMonday.com, an information portal for many holiday season discounts, saw attracted 300,000 U.S. visitors on Monday.
The online retail marketplace has become extremely competitive, and we’re seeing that play out with some pretty significant discounting to win over consumers early in the holiday shopping season, much of which was advertised at CyberMonday.com” commented Mr. Fulgoni.
“”While online sales have certainly seen a strong start to the holiday season, it will be interesting to see if all of this discounting ends up cutting into retailers’ profit margins.”
According to ComScore’s findings, holiday online retail sales are consistently superceding figures from last year, and there is no foreseeable reason to believe that trend will not continue as the December holidays rapidly approach.
So if you find an all-pewter Star Trek chess set, or the DVD box set of Buffy the Vampire Slayer underneath your tree this year, take heart that whoever gave it to you at least didn’t have to go into the store and ask for a price check.