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Now that Black Friday and Cyber Monday are behind us, it’s time we enjoy those gadgets that we bought, whether it be a brand new HDTV, gaming system, MP3 player, or computer.  Of course for us techie people, we like to see how this year compares with previous years in terms of money spent.  With the economy in a slump, experts predicted this shopping season to be down, but Cyber Monday managed to persuade many consumers to open their wallets, punch in their credit card number, and eagerly await their arrival of their new gadget(s).

Statistically speaking, last year on Cyber Monday had bought in $733 million in revenue, and this year bought in a 15% increase - an astonishing $846 million spent, stated ComScore in a report.  This came as a relief to many retail stores because sales had dropped by 2% or $12 billion from November 1 to Cyber Monday of this year as compared to last year. 

Gian Fulgoni, Chairman of ComScore, had this to say about why Cyber Monday prospered:

“With Cyber Monday promotions beginning in earnest over the Thanksgiving weekend, consumers have finally begun to open their wallets, setting off a streak of four consecutive days of extremely strong growth.  This is an extremely encouraging development for retailers, and we can but hope that their aggressive discounting has still left room for profits.“

A bit of bad news - when retails formally announce their profits, it is expected to overall be down from last year, even though Black Friday and Cyber Monday both did exceptionally well In addition, it could be the overall worst holiday season in terms of profit in decades.  I noticed, and you might have as well, there are many more commercials and advertisements with deals in effort to promote the holiday season.  Also, holiday music that usually starts after Thanksgiving, I was hearing it on the radio a week before Thanksgiving, probably in efforts to make people spend more.

Cyber Monday has become especially big in the last few years because Americans are finding they can get as good as and in some cases better deals than on Black Friday.  All they have to do is click a buttons buttons, type in a few numbers, and let the website and its employees do the rest. 

Now, the big question that remains is how well will retailers do in the coming weeks.  Of course, it was nice to see this big shopping spree from Black Friday to Cyber Monday, but I don’t think customers are ready to splurge yet with the state of this economy. 

Read [Los Angeles Times]

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