Cyber Monday Online Spending at Record High
Depending on which projection you believe, online spending was either a big success or a moderate flop. Adobe Systems Inc. (NASDAQ: ADBE) had predicted a Cyber Monday total of $2 billion, while comScore Inc. (NASDAQ: SCOR) had sales rising between 15% and 18% above last year's total of $1.25 billion to between $1.44 and $1.475 billion.
According to comScore's data published today, the Cyber Monday online spending total was up 17% from a year ago, at $1.46 billion, right in line with the company's prediction. Adobe has not weighed in yet with its spending total.
comScore's chairman said:
[I]t is also clear that the holiday promotional period has begun even earlier this year, with strong online sales occurring on Thanksgiving Day and Black Friday. Now, we shall see the extent to which continuing and attractive retailer promotions are able to boost sales for the remainder of the week.
Indeed we will. Retail Metrics called the Black Friday results "decent but not great" and has forecast that November same-store sales will rise just 2.5% when compared with last November (for retail sales purposes, November ended on Sunday). Since the beginning of this month, analysts have lowered November same-store sales projections by 70 basis points. Retail Metrics noted, however, that "online sales were strong throughout the weekend into Cyber Monday (not part of November)."
comScore reports that the product purchases posting the largest gains year-over-year include digital content and subscriptions (up 28%), consumer electronics (up 24%), computer hardware (up 22%), video games and gear (up 18%), and jewelry and watches (up 17%).
Nearly half of Cyber Monday shopping is done at work according to comScore. Just so you know that you're not alone.
Filed under: 24/7 Wall St. Wire, Economy, Internet, Retail Tagged: ADBE, featured, SCOR