Shoppers in the Holiday Mood

December 01, 2011

Despite the state of our economy, Cyber Monday saw record sales and consumer confidence reached its highest level in months.

The Conference Board, an independent research group, said its Consumer Confidence Survey for November jumped to 56.0 from a revised 40.9 in October.

It is the highest reading since July. Expert had predicted an improvement to 45.0.

store sign with a shopping cart whose upper rack spells wwwConsumer expectations for economic activity over the next six months also surged to the highest reading since July — 67.8 — from a revised 50.0.

“Confidence has bounced back to levels last seen during the summer (July 2011, 59.2). Consumers’ assessment of current conditions finally improved, after six months of steady declines,” said Lynn Franco, Director of The Conference Board Consumer Research Center.

“Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak.”

Not in online sales, which hit a record on Cyber Monday.

According to Coremetrics, a data arm of International Business Machines Corp., online sales on Cyber Monday were up 33 percent from a year ago and surpassed last year’s record of $1.03 billion at 9 p.m. Central time.

The average online shopper spent $198.26, up from last year’s $193.24, an increase of 2.6 percent.

The biggest shopping day of the year also benefited from online sales: Thanksgiving day saw an increase of 39.3 percent in online spending while Black Friday posted an online growth of 24.3 percent.

“Retailers that adopted a smarter approach to commerce,” said John Squire, Coremetrics chief strategy officer, “one that allowed them to swiftly adjust to the shifting shopping habits of their customers, whether in-store, online or via their mobile device, were able to fully benefit from this day and the entire holiday weekend.”

Categories: Economy

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