Cyber Monday Killed Black Friday
Comscore is reporting that while e-commerce spending for the first 30 days of November saw a 2 percent decline versus the corresponding days last year, CyberMonday saw $846 million in online spending, up a whopping 15 percent. The mcomScore holiday retail survey, conducted from November 28 - December 1, revealed several interesting insights into consumers' views of the 2008 holiday shopping season, including:
-- More than half (51 percent) of consumers indicated that the level of promotions and discounts is higher this year than last year, while only 12 percent said that there appeared to be fewer, suggesting that retailers are having to be more aggressive in discounting to spur consumer spending.
"Mark Twain might have said: 'Rumors of the death of online holiday shopping have been greatly exaggerated,'" said comScore chairman Gian Fulgoni. "Consumers are clearly responding positively to retailers' aggressive online discounts. 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, and culminating in a Cyber Monday that racked up an impressive $846 million in online spending, up 15 percent over last year and ranking it as the second heaviest online spending day on record. This is an extremely encouraging development for retailers and we can but hope that their aggressive discounting has still left room for profits."