Study: Online spending tops $840M on Cyber Monday

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Study: Online spending tops $840M on Cyber Monday

December 03, 2008

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Reston, Va.--E-commerce spending jumped 15 percent to $846 million on Cyber Monday, the second heaviest online spending day on record, according to the latest research from ComScore.

The four-day period from Black Friday through Cyber Monday--the ceremonial kickoff to the online holiday shopping period--saw e-commerce spending increase 13 percent with both weekend days and Monday all achieving double-digit gains.

"With Cyber Monday promotions beginning in earnest over the Thanksgiving weekend, consumers have finally begun to open their wallets, setting off a streak of four consecutive days of extremely strong growth," ComScore Chairman Gian Fulgoni said in a media release issued on Wednesday. "This is an extremely encouraging development for retailers, and we can but hope that their aggressive discounting has still left room for profits."

For the first 31 days of the November-December holiday season, however, $12.03 billion has been spent online, marking a 2 percent decline versus the corresponding days last year, according to the study.

ComScore's survey also found that 51 percent of consumers indicated that the level of promotions and discounts is higher this year than last, while only 12 percent said there appeared to be fewer, suggesting that retailers are having to be more aggressive in discounting to spur consumer spending.

In addition, 39 percent of consumers said there seemed to be fewer people out shopping in retail stores this year than last year, while only 7 percent thought there were more.

ComScore's latest holiday retail survey was conducted from Nov. 28-Dec. 1.

ComScore Inc. measures the digital world and is a preferred source of digital marketing intelligence.

For more information, visit the company's Web site, Comscore.com/Boilerplate.

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