Retailers, consumers and prices
Check Out Line: Online shopping saving season?
Check out that cyber spending.
Cyber Monday ended barely a few hours ago and already the first reports are trickling in: online shopping looks like it may save the holiday season for retailers after Black Friday in bricks and mortars stores disappointed. Online shopping looks to be headed for record levels.
According to a report released on Tuesday morning by Coremetrics, overall CyberMonday sales were up 13.7 percent over 2008 and the average order size soared 38.2 percent to $180.03. (Rival comScore is set to release its Cyber Monday results on Wednesday)
Online shopping has been growing for years, and may be getting a boost from shoppers eschewing Black Friday madness. For instance, Stephen Metz, a 29-year old bartender we caught up with at a Brooklyn mall on Friday at 6:30 a.m., said he would wait for Cyber Monday to do the bulk of his shopping.
“What’s quicker than getting up and firing up your computer?” he asked. (He was at the mall to check out the crowds after his shift ended but picked up lingerie from Victoria’s Secret for his girlfriend)
While the news is encouraging, online shopping makes up only a small fraction of overall sales. On Thursday, we will find out more definitively how well, or poorly, U.S. retailers fared over this past Black Friday when stores release their November sales data.
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