Even though a recent survey has revealed that 40% of consumers plan to spend less on holiday gifts, the actual results of online holiday shopping are very optimistic.
According to comScore, more than $9.3 billion has been spent online from November 1 to 23, marking a 17-percent gain versus the corresponding days last year.
In addition, online retail spending was strong on both Thanksgiving Day (up 29 percent to $272 million) and “Black Friday†(up 22 percent to $531 million), outpacing the season-to-date growth rate.
Price comparison shopping websites like PriceGrabber and Shopping.com also increased in terms of the number of referrals it made to retailers.
Since “ipodâ€, “nintendo wii†and “wii†are the most popular search terms based on a Hitwise study, it is not surprising that the hottest category continues to be video games, consoles & accessories – up by 134 percent vs. last year.
The shopping fever is still up because today is Cyber Monday.
“Online spending on Black Friday has historically represented an early indicator of how the rest of the season will shake out. That the 22-percent growth rate versus last year is outpacing the overall growth rate for the first three weeks of the season should be seen as a sign of positive momentum. Online retailers will also certainly be paying close attention to what happens on Cyber Monday, which will provide an even clearer indication of what lies ahead for the rest of the season,†said comScore Chairman Gian Fulgoni.
Originally posted on November 26, 2007 @ 11:00 am
One of the reasons for the boost may be online bargain-hunting websites. Sites like DealTaker.com have really helped shoppers like me plan for days like Black Friday and Cyber Monday WAY earlier than I normally could have.