Cyber Monday Spending Exceeds $1 Billion
Wow. 1.028 Billion Dollars. That’s a lot of money. You would think with the “economic crisis” and the ridiculously high unemployment rate (9%+ for past year), people would spend less. Are we sure our economy is down?
ComScore released fresh data that showed this past Cyber Monday was the biggest online spending day in history by breaking the $1 billion mark. The data shows a 16% rise in spending from last year near $1.028 billion in total online spending.
How Can People Spend So Much!?
Now let’s keep in mind that the internet is still growing. Ecommerce is still relatively young and companies are getting better and better at presenting their products, making it easy to purchase and advertising their products. For example, have you ever visited some site, only to suddenly see ads for that site everywhere you go? In fact not only the ad for the site, but for the products you were searching for? Then you start getting emails highlighting those products just when you start to think about it again? “It’s like they know exactly what I want and am thinking!”
That’s called remarketing. It’s pretty awesome tool as a marketer, a little freaky to consumers, but ultimately it does a more granular job of targeting consumers.
So as the internet online shopping grows, so will these figures. Don’t be surprised to see more billion dollar days before the end of the year. Also keep in mind that there might be a lot of people who are simply choosing to shop online versus shopping in store. Lot of factors to consider when looking at statistics such as these.
More Online Spending Statistics
- 4% more people are shopping online (9 million)
- Shoppers are averaging 10% more per transaction ($60.05)
- Bazillion lost in worker productivity (my estimate)
Half of all dollars spend on online purchases were made from work computers especially as retailers used a lot of different strategies to keep getting users to come back to their site with numerous smaller sales for different parts of the day.
There was also clear trends to continue strong sales throughout the weekend, into Cyber Monday, then through the following week. Black Friday came in at $658 Million and the following Thanksgiving Weekend Sat & Sun came in around $400-$450 each which was a whopping 28% higher spend than last year.
Confession Time – How Much of the 1 Billion was You!
Don’t have to share everything, but if your willing let us know!
- What did you buy for Cyber Monday?
- How much did you spend?
- Did you spend more than last year?
- Where did you shop the most online? Amazon? Apple?
- What is your first impression hearing people spend over $1 billion dollars!