Cyber Monday the new Black Friday
LOS ANGELES — Retailers would be wise to focus more of their efforts on Cyber Monday this year, at least according to new research from IBISWorld, which found that Cyber Monday sales are expected to increase 12.4%. The firm expects Black Friday sales will only see marginal growth as consumers continue to move away from brick-and-mortar shopping.
According to IBISWorld, customers are losing interest in standing on long lines at early hours only to be rewarded with entrance to a crowded store. In 2010, Black Friday sales totaled $11.8 billion. This year, IBISWorld expects total expenditure to increase by only 1.2% to just under $12 billion.
Last year, Cyber Monday sales topped the $1 billion mark, increasing 14.1% from 2009 totals. In 2011, IBISWorld anticipates further double-digit growth of 12.4% to $1.2 billion. The widely available deals coupled with consumers’ increasing propensity to shop online and via their mobile phones, are likely to keep people logging on and checking out, IBISWorld reported.