They're calling it Cyber Monday. CNN had an interesting article on the fact that online retailers may log record sales today. Comparing the success of "Black Friday" for bricks and mortar retailers, the online retailers are preparing for Cyber Monday where it is expected that 72 million shoppers will go online looking for post-Thanksgiving discounts. According to the CNN report, one-day sales are expected to exceed $700 million.
Would someone care to tell me what people are spending this money on? A number of reports suggest that the economy in the US is not as strong as it should be, yet online shoppers are going to spend a record amount of money. We sure are living in a material world. The CNN report goes on to state:
With plenty of online discounts to bag this year, online sellers are projected to have a record-breaking sales day on Monday.
ComScore Networks estimates that Cyber Monday sales will surpass $700 million to make it the heaviest online spending day on record.
"Online retailers will 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," ComScore Chairman Gian Fulgoni said in a statement.
"While [the $700 million in sales] would make it the heaviest online shopping day on record, we can expect to see even stronger days ahead as the 2007 shopping season progresses into December," he said.
The most sought-after deals today are on video games like the Halo 3 and gaming systems like Nintendo'sWii and Sony's PlayStation 3. Industry experts said price-conscious shoppers this year will also surf the Internet for sales on furniture, home appliances, electronics and clothing.
Is it simply because of the discount or is it just because people like spending money that they just don't have? I would like to know how much of this $700 million the credit card companies will be receiving?
Here's a link to the CNN article.
Labels: Cyber Monday, online shopping
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