01 December 2008
Web audience analyst comScore has revealed that online spending was up one per cent on Black Friday - Friday November 28, 2008 - compared to 2007 figures, rising from $531 million to $534 million.
Black Friday refers to the day after Thanksgiving Day, and is traditionally seen as the beginning of the Christmas shopping season in the US. The current worldwide economic crisis had previously prompted speculation that online retailers would see spending drop on this important day - however, comScore's figures show that this has not been the case.
In addition, online retail sales on Thanksgiving Day - Thursday November 27 - were up by six per cent, from $288 million to $272 million. The increase in online sales on both Thanksgiving Day and Black Friday are in contrast to the four per cent drop in ecommerce sales seen throughout the rest of November, and signify a positive outlook for Cyber Monday - often seen as the beginning of the online Christmas shopping period - which falls today.
Gian Fulgoni, chairman of comScore, said: "Early reports suggest that Black Friday sales in retail stores were slightly better than anticipated in this depressed retail climate, and that performance apparently extended to the online channel, which saw sales on Thanksgiving Day and Black Friday combined increase two per cent versus year ago."
He added: "It's probable that on Black Friday consumers responded positively to the very aggressive promotions and discounts being offered in retail stores, so it will be important to see how they respond to similarly attractive deals being offered online on Cyber Monday, the traditional kick-off to the online holiday shopping season."
The rise in online retail spending on Black Friday can be attributed to two things: the desire to search for bargains as shoppers attempt to save money during the economic downturn, and the ability to avoid high street crowds by shopping from home. The study also found that 84 per cent of online sales took place after 8am on Friday, with the highest proportion of dollars spent between noon and 4pm.
Despite these positive findings, retailers - both online and offline - still remain nervous of how eagerly consumers will spend over the upcoming festive period. Mr Fulgoni further stated: "With so much volatility right now in the variables that influence consumer spending, predicting where this online holiday season will end up has been far more challenging than in previous years.
"That said, Cyber Monday may well prove to be an important indicator of whether the decline in spending that we've seen during the first few weeks of the online holiday season will continue for the balance of the year."
Online spending up 1% on 'Black Friday'
Web audience analyst comScore has revealed that online spending was up one per cent on Black Friday - Friday November 28, 2008 - compared to 2007 figures, rising from $531 million to $534 million.Black Friday refers to the day after Thanksgiving Day, and is traditionally seen as the beginning of the Christmas shopping season in the US. The current worldwide economic crisis had previously prompted speculation that online retailers would see spending drop on this important day - however, comScore's figures show that this has not been the case.
In addition, online retail sales on Thanksgiving Day - Thursday November 27 - were up by six per cent, from $288 million to $272 million. The increase in online sales on both Thanksgiving Day and Black Friday are in contrast to the four per cent drop in ecommerce sales seen throughout the rest of November, and signify a positive outlook for Cyber Monday - often seen as the beginning of the online Christmas shopping period - which falls today.
Gian Fulgoni, chairman of comScore, said: "Early reports suggest that Black Friday sales in retail stores were slightly better than anticipated in this depressed retail climate, and that performance apparently extended to the online channel, which saw sales on Thanksgiving Day and Black Friday combined increase two per cent versus year ago."
He added: "It's probable that on Black Friday consumers responded positively to the very aggressive promotions and discounts being offered in retail stores, so it will be important to see how they respond to similarly attractive deals being offered online on Cyber Monday, the traditional kick-off to the online holiday shopping season."
The rise in online retail spending on Black Friday can be attributed to two things: the desire to search for bargains as shoppers attempt to save money during the economic downturn, and the ability to avoid high street crowds by shopping from home. The study also found that 84 per cent of online sales took place after 8am on Friday, with the highest proportion of dollars spent between noon and 4pm.
Despite these positive findings, retailers - both online and offline - still remain nervous of how eagerly consumers will spend over the upcoming festive period. Mr Fulgoni further stated: "With so much volatility right now in the variables that influence consumer spending, predicting where this online holiday season will end up has been far more challenging than in previous years.
"That said, Cyber Monday may well prove to be an important indicator of whether the decline in spending that we've seen during the first few weeks of the online holiday season will continue for the balance of the year."
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