Is online shopping affected by the global economic crisis? Jeff Vandam of NY Times wrote an interesting article about the drop down in online buying trend this year that was expected an all-time high during the day after Thanksgiving weekend.
Here’s the report from the NY Times:
For all the significance attached to Cyber Monday, the unofficial start of the online holiday shopping season on the day after Thanksgiving weekend, this year’s numbers were hardly inspiring. Chase Paymentech’s Cyber Holiday Pulse Index reported an increase for Cyber Monday 2008 of less than 1 percent in revenue, although it also recorded 14 percent more total transactions this year.
What gives? The answer lies in the average value of each purchase by online shoppers, down 12 percent from last year. Chase’s index, which surveys 25 of the largest 150 retailers on its Internet payment processing network, showed that the average shopper spent $7.19 less per transaction on Cyber Monday this year over last — reflecting deeper discounts than usual, thriftier shoppers or both.
“It’s a distinct finding that we didn’t predict,†said Mia Shernoff, executive vice president for marketing at Chase Paymentech. “It’s reasonable to say that that’s the beginning of the ramp-up, but it’s not the big day in the same way that Black Friday is.â€
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