Buyers' virtual shopping spree
- Source: Global Times
- [01:06 December 01 2009]
- Comments
Online holiday shopping hit a record for Black Friday and Monday's retail industry-coined Cyber Monday, as more consumers said they used the Web to seek deals.
The strong start for online retailers should continue into what is otherwise expected to be a lackluster holiday season, benefiting Amazon.com, Wal- Mart's online unit and Google.
Analytics firm comScore said Sunday that US online spending for Black Friday was the strongest it has ever been, up 11 percent over last year, with $595 million spent online.
Sales at retail stores rose 0.5 percent to $10.66 billion that day – the official kickoff to holiday shopping, according to ShopperTrak.
"That's pretty significant in a recessionary environment – to get a record like that and be that far ahead," comScore Chairman Gian Fulgoni said. "I still expect Monday should be a much bigger day online than Black Friday."
Cyber Monday is the day when many consumers head back to work after the Thanksgiving weekend and use fast Internet connections to make holiday purchases, away from the prying eyes of spouses and children. The day has always spurred a flood of special online offers, but this year more are showing up even earlier.
"I anticipate this momentum to continue for the next several weeks," Forrester analyst Sucharita Mulpuru said.
Online retailers Walmart. com and Amazon have spurred an online price war, and rivals are anxious to keep up, with Web deals and free-shipping offers advertised from Kohl's Corp, Toys R Us and Best Buy retailers.
Forrester Research has estimated that US online sales in November and December should rise 8 percent this year, up from a 5 percent rise in the year-ago period. ComScore has forecast a 3 percent rise for the period.
Reuters
