Analysis from comScore tells us that online spending is maintaining momentum, even this early in December. E-commerce has, no doubt, become more popular than shopping in brick and mortar retailers for the very reason that people want to avoid the mayhem that often comes with gift buying for the holidays, not to mention retailers are pushing their cyber deals along their storefront deals.
According to comScore, online spending reached a whopping $25 billion for the season thus far, an increase of 15 percent from last year’s totals.
“The most recent week of the online holiday shopping season saw growth rates remain in line with the season-to-date at 15 percent and three individual spending days eclipse the $1 billion threshold,” said comScore chairman Gian Fulgoni in a press release on the report. “These highlights represent another very positive sign for the holiday shopping season, as the week following ‘Cyber Week’ often experiences relative softness in spending momentum due to retailers pulling back on their promotional activity. As we enter what will be the heaviest week of the season for online retailers – beginning with ‘Green Monday’ on December 12 – all signs are now pointing to a strong finish to the season.”
Aside from Black Friday, the infamous day for the best deals around, we now have Cyber Monday, or rather, Green Monday, a term coined by eBay back in 2007 to describe the heaviest online spending day of the year. Green Monday has taken the lead as far as the preferred method for holiday shopping, and according to comScore’s chart, average spending in 2005 was $556 whereas it was $954 in 2010.
“We know that Green Monday will rank among the top online spending days of the season, but it’s hold on the number one position may be slipping somewhat over time,” added Fulgoni. “One possible reason is that as Free Shipping Day (Friday, December 16 this year) gains in importance each year, online spending during the heaviest week of the season is being more evenly distributed throughout the week, whereas in the past there was a much higher concentration of spending during the early part of the week.”
comScore released a similar report last week that tells us Americans spent a total of nearly $6 billion in online purchases during “Cyber Week” 2011.
These numbers make this year’s Cyber Week the most spending-heavy period for e-commerce ever. For the holiday season-to-date, $18.7 billion has been spent online, marking a 15-percent increase versus the corresponding days last year. The most recent week saw three individual days eclipse $1 billion in spending, led by Cyber Monday, which became the heaviest online spending day on record at $1.25 billion.