Holiday shopping season off to an energetic start, experts say
The kickoff to the holiday shopping season is off to an energetic start. Online retailers are hoping for of the same today.
"Cyber Monday," a term created by the trade group National Retail Federation in 2005 to describe the Monday after the Thanksgiving holiday, is today. It marks the unofficial start to the online retail season.
According to a Shop.org survey, conducted this weekend by BIGreserach, 84.6 million consumers plan to shop online from home or at work today, up from 72 million in 2007 and 60.7 million in 2006.
"Online retailers have been planning their Cyber Monday promotions for months and are eagerly waiting to debut these deals to shoppers, said Scott Silverman, executive director of Shop.org.
Retailers are struggling to lure financially strapped shoppers with unprecedented discounts in what is expected to be the weakest holiday in decades.
The crowds that turned out for early morning specials Friday were a welcome relief to retailers.
Shoppers spent an average of $372.57 this weekend, up an amazing 7.2 percent over last year's $347.55, according to the NRF. Total spending reached an estimated $41 billion.
"Pent-up demand on electronics and clothing, plus unparalleled bargains on this season's hottest items helped drive shopping all weekend," NRF President Tracy Mullin said in a release Sunday. "Holiday sales are not expected to continue at this brisk pace, but it is encouraging that Americans seem excited to go shopping again," she added.
As expected, many shoppers, 51 percent, purchased clothing and accessories over the weekend while 39 percent bought books, DVDs, CDs and video games and 35.9 percent purchased consumer electronics. Toys were also big sellers, as 28.5 percent of shoppers bought a toy. Gift card purchasing dropped 10 percent with 19 percent of shoppers purchasing a gift card over the weekend.
The NRF expects overall holiday spending will total about $470.4 billion, a 2.2 percent rise from a year ago. Previously, holiday sales increased about 4 percent each year.