Cyber Monday Spending Hits Record $1.25 Billion
This past Monday was Cyber Monday, which if you don’t know is a marketing term used to entice people to spend money online. It was invented in 2005 by Shop.org, which is part of the National Retail Federation.
While in the early days of the Internet, retailers and people in the investment community wondered if consumers would ever fully trust and latch on to the idea of shopping online, those days are long gone.
ComScore, which tracks Internet data, has announced that this year’s Cyber Monday was the biggest yet, with a record spending of $1.25 billion. It was the heaviest online spending day in history and the second consecutive year it has surpassed the billion dollar mark.
Since coining the phrase Cyber Monday, online sales in the U.S. have seen double-digit growth every year but 2009. That’s pretty amazing when you consider we’ve been in a recessionary economy most of that time. And when you compare that to the relatively modest seven percent jump for Black Friday, the day after Thanksgiving, maybe people are finally waking up to the madness of fighting crowds and embracing the convenience of online shopping.
But not so fast. Even though Cyber Monday sales grew dramatically more this year than brick and mortar sales of Black Friday, the total amount spent for the latter still far surpasses online retail at $11.4 billion.