Startling Jump In eCommerce Spending On Cyber Monday

As we’ve noted, eCommerce spending for the first several weeks of November was appallingly bad. Over the weekend and on Cyber Monday, however, it jumped sharply, suggesting that things in consumer-spending and web land are not quite as bleak as they seemed.

Don’t start popping the champagne, though. November 1-December 1 spending was still down -2% year over year, which is horrific relative to last year’s 20%+ gain. Comscore is forecasting flat spending year over year, which still seems optimistic.

Comscore:

For the holiday season-to-date, $12.03 billion has been spent online, marking a 2 per cent decline versus the corresponding days last year. However, Cyber Monday saw $846 million in online spending, up 15 per cent. The four-day period from Black Friday through Cyber Monday saw e-commerce spending jump 13 per cent as both weekend days and Monday all achieved double-digit gains.

 

2008 Holiday Season To Date vs. Corresponding Days* in 2007

Non-Travel (Retail) Spending

Excludes Auctions and Large Corporate Purchases

Total U.S. – Home/Work/University Locations

Source: comScore, Inc.

 

Holiday Season to Date

Millions ($)

2007

2008

Pct Change

November 1 – December 1

$12,217

$12,025

-2%

Pre-Thanksgiving

$10,035

$9,588

-4%

Thanksgiving and Later

$2,182

$2,437

12%

November 27 (Thanksgiving Day)

$272

$288

6%

November 28 (“Black Friday”)

$531

$534

1%

November 29-30 (Weekend)

$645

$769

19%

December 1 (“Cyber Monday”)

$733

$846

15%

*Corresponding days based on equivalent shopping days relative to Thanksgiving (October 27 – November26, 2007)

Consumers Seeing Less Foot Traffic in Retail Stores

The most recent comScore holiday retail survey, conducted from November 28-December 1, revealed that some additional insights into consumers view of the 2008 holiday shopping season.

Some of the key survey findings include:

·          More than half (51 per cent) of consumers indicated that the level of promotions and discounts is higher this year than last year, while only 12 per cent said that there appeared to be fewer, suggesting that retailers are having to be more aggressive in discounting to spur consumer spending.

·          39 per cent of consumers said that there seemed to be fewer people out shopping in retail stores this year than last year, while only 7 per cent thought there were more.

 

Weekly Online Holiday Retail Sales


 

comScore 2008 Holiday Online Retail Spending Forecast

Online Non-Travel (Retail) Holiday Consumer Spending

Excludes Auctions and Large Corporate Purchases

Total U.S. – Home/Work/University Locations

Source: comScore, Inc.

 

Billions ($)

2007

2008

Pct Change

January – October Actual

$93.6

$102.1

9%

Holiday Season Forecast (Nov-Dec)

$29.2*

$29.2**

0%**

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