According to recent data published by comScore, it is anticipated that Cyber Monday spending is to surpass the huge $1.25 billion reached back in 2011 to hit the $1.5 billion mark.
A term first coined in 2005, Cyber Monday was given its name after retailers association group Shop.org noted the spike of online sales on the Monday following Thanksgiving. Since its inception, Cyber Monday has proven to be one of the year's most popular shopping days - with the day's sales totalling to $1.25 billion in the US last year, an increase of 22 per cent from 2010.
"With Thanksgiving now behind us and most consumers returning to work tomorrow [Monday], we can look forward with anticipation to Cyber Monday, which according to norms we've observed over the past three years should be the heaviest online shopping day of the season with sales approaching $1.5 billion or even higher," explained comScore chairman, Gian Fulgoni, in a statement.
Analysts are predicting that this year's Cyber Monday will be the biggest online shopping day of 2012 for the third consecutive year; with online spending during the Christmas period to increase by 17 per cent to a staggering $43.4 billion. Yet due to more and more online retailers taking part in Black Friday as well as the rise of multi-channel shopping, many are already in doubt over Cyber Monday's future as the year's most successful shopping days.
"It is losing some of its lustre," said chief industry analyst at The NPD Group, Marshal Cohen. "As a result, online retailers are moving their sales earlier too.
"That means the spending power that Cyber Monday was going to have is dissipated, and the way online retailers will be competing with those new hours will create a dilution of Monday as well. Cyber Monday is not gone completely, but it's certainly on the way to having significant challenges to maintain the level of intensity of recent years."
Despite the impressive expected $1.5 billion figure, it remains to be seen whether Cyber Monday still has what it takes to stay on top as the year's most popular shopping day.
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