November 28, 2007
Cyber Monday Sets Record
Consumers responded eagerly to online retailers' promotions for "Cyber Monday," setting a record for single-day online retail sales.Online sales for the Monday after Thanksgiving rose 21% to $733 million, according to comScore Inc., a Reston, Va., market research company that tracks Internet sales and traffic.
Cyber Monday, a phrase coined by the National Retail Federation's Shop.org online-retail unit in 2005, is the day consumers return to their high-speed computer connections after the Thanksgiving holiday and start shopping on the Web, often from work. The day brings the first jump in online holiday spending, and merchants offer promotions around it.
Or, as the AP would say:
Per-person Spending Plunges 12%Economics and Markets Posted by jk at November 28, 2007 11:46 AMSaddled with ballooning subprime mortgage concerns, with spirits dampened by the ongoing war in Iraq (see related story on Abu Ghraib), consumers seemed to find temporary respite in online shopping...
Or according to the article we both saw, retailers are so desperate that they were slashing prices to lure any customers they could.
Posted by: Perry Eidelbus at November 28, 2007 2:23 PM | What do you think? [1]