Online Holiday Spending Already $20 Billion
RESTON, Va.-Online spending during the first 34 days of the November-December holiday season has totaled nearly $20 billion, up 15 percent over the same period last year, according to digital research firm comScore.
Last week, three individual days saw online spending eclipse $1 billion--including Cyber Monday, which at $1.25 billion took its place as the heaviest online spending day on record, comScore said. The day after Cyber Monday, Nov. 29, saw online spending total $1.12 billion, and Nov. 30 brought in $1.03 billion in online purchases.
The spending increases were driven by increased spending per shopper in the mid- and upper-income segments. Those in the mid segment ($50,000-$99,999 in annual household income) increased their spending at 19 percent over last year, while those households that earn $100,000 and more hiked their online spending by 16 percent.
In addition, the gain in online spending this year appears to have been driven by spending growth per shopper rather than an increase in online shoppers, which had been the case over the last two years, comScore said.
Gian Fulgoni, comScore's chairman, said holiday online spending may begin to soften as the promotions for the earlier part of the holidays fade away. "However, this will likely be immediately followed with an acceleration in the spending rate as we approach the middle of December, which is sure to bring us several more billion-dollar online spending days," Fulgoni said.