CBS News reported this week that Cyber Monday marked the largest single online shopping day in history. Online shoppers spent $10.8 billion, up from last year's prior record of $9.4 billion. According to the article, consumers were spending $12 million per minute between 7:00 pm and 11:00 pm.
Online shopping volumes were certainly influenced by the ongoing global pandemic which makes shopping from the safety of home appealing to all consumers but the robust sales numbers are an encouraging sign for the economy which is struggling to recover from coronavirus.
Subsequent holiday spending events including small business Saturday and giving Tuesday also saw a boost in activity year over year which may be additional indication that American consumers are ready to get back to normal habits.
https://www.cbsnews.com/news/cyber-monday-online-shopping-record-12-million-minute/
I saved over $700 this Cyber Monday!
ReplyDeleteI think this is something we could have all predicted coming into the holidays. Just because of the pandemic, and then also because of the huge influx of online shopping this whole year. As we know, Amazon has made huge sales this year which represents the amount of online shopping done this year. Also, a lot of "Black Friday" deals were combined with the "Cyber Monday" deals because it was all online.
ReplyDeletei am really not surprised by this because of covid makin online shopping more appealing many of these cyber Monday deals will probably retain a good amount of people who where originally black Friday shoppers. This could definitely help in cyber Monday taking over black Friday
ReplyDeleteI am not surprised by this increase in online shopping as many deals were based for online only. But you also have to think about the spending that was lost in physical stores for Black Friday. A typical year would have more spending on Black Friday plus Cyber Monday deals. But this year was mostly Cyber Monday spending as people didn’t want to go out to the stores that were open for Black Friday deals.
ReplyDeleteBlack Friday saw a bigger decrease in comparison to last year than the increase in cyber Monday sales. While it is good cyber Monday sales were so high, the retail sector and retail real estate are both still struggling a great deal in 2020. It will be interesting to see how Christmas related sales compare to last year.
ReplyDeleteThe rise in Cyber Monday sales should be expected. Many people are choosing to stay at home during this time and being able to shop completely online makes it easier for these people.
ReplyDeleteCyber Monday has helped the economy to recover in the country but at the same time, I believe it will not be enough. American consumers along with all consumers all over the world have adapted to change their normal habitats towards everything online. Even if the pandemic ends one day from the hopeful vaccine, we can still expect people to stay inside as they have adapted to. I believe they will keep on carrying out online consumption. I also believe many businesses that have gone online will continue to do so because it would allow these businesses to have less expenditure towards offices etc.
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