While online shopping spending shrank before Thanksgiving, growth jumped after the holiday: Americans spent $846 million online on so-called “Cyber Monday,” up 15% year-over-year, according to comScore. They also spent $769 million online this past Saturday and Sunday, up 19% year-over-year.
That’s still slower growth from last year, when Cyber Monday online sales jumped 21%. But it’s a big improvement over pre-Thanksgiving e-commerce, which dropped 4% year-over-year.
What does it mean for overall holiday spending? Sunday, comScore insisted that Cyber Monday was an “accurate bellwether” for overall holiday e-commerce spending. “While the year-over-year growth rates for individual online spending days vary quite significantly throughout the season, during the past few years Cyber Monday has been within a few percentage points of the final holiday season growth rate.”
That would suggest overall holiday e-commerce growth somewhere near 15%. Yet comScore still projects flat year-over-year holiday e-commerce growth. We’ll keep an eye out for an updated projection.
The revenues are nice, but will there be room for profit? Some 51% of consumers “indicated that the level of promotions and discounts is higher this year than last year,” comScore reports. Meanwhile, bad news for offline retail: Some 39% of consumers said “there seemed to be fewer people out shopping in retail stores this year than last year.”