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Consumer Online Spending Up in All Periods for This Year's Holiday Shopping Season
Published on Dec 9, 2010
Read 'Consumer Online Spending Up in All Periods for This Year's Holiday Shopping Season' at 'Time to Start Up,' the small business blog by BizFilings.
As consumer activity is often seen as paralleling economic activity, economists often look to spending trends as key indicators of economic progress.
The most recent report from comScore comes as good news to analysts who agree with this trend, as well as entrepreneurs forming a company. According to the study, the first 35 days of the November-December holiday shopping season have seen significant jumps in online spending across all categories.
From November 1 to December 5, total online spending reached $17.5 billion, marking a 12 percent increase over last year. Thanksgiving, Black Friday, Cyber Monday and the first week in December all saw major jumps in consumer spending over last year.
Perhaps most surprisingly, Cyber Monday smashed the previously held record of most online spending in a single day, reaching more than $1 billion - up 16 percent from 2009.
"Cyber Monday started the week off with a bang, but online spending growth softened during the latter part of the week and into the weekend,” said comScore chairman Gian Fulgoni. "We anticipated that the post-Cyber Monday period would experience a slight hangover after many of the retailers' most aggressive deals and promotions expired, but we can expect to see activity begin to pick up again next week as we get into the middle part of December when online buying typically peaks."