Cyber Monday Spending Hits $1.25 Billion29 Nov, 2011 By: Chris Tribbey
Cyber Monday spending hit $1.25 billion, making it the heaviest online spending day in history, and just the second American online shopping day ever to pass $1 billion, according to online tracking firm comScore.
The $1.25 billion figure was a 22% jump over Cyber Monday 2010. Shopping at work accounted for 50% of Cyber Monday spending.
“The Cyber Monday phenomenon originated from the significant spike in e-commerce activity that traditionally occurred following the Thanksgiving holiday weekend, with many consumers turning to their work computers to continue their holiday gift buying — and that pattern still exists today,” said comScore chairman Gian Fulgoni. “When all is said and done, it will also be vital to see whether retailers’ deals and price discounting — which consumers are now able to discover via so many different digital media channels — will have a negative impact on retailers’ margins this holiday season.”
Overall, 10 million people bought online on Cyber Monday, with the average online buyer spending nearly $125.