eCommerce Holiday Spending Continues Mega-Growth
Nov 27th 2012 12:40PM
Updated Nov 28th 2012 6:35AM
We are getting more and more data showing that the trends toward online spending for the holidays are continuing to show growth. We have seen data from the likes of Visa Inc. (NYSE: V) showing gains with spending at a record of $5 billion online over the four day period from Black Friday through CyberMonday. International Business Machines Corp. (NYSE: IBM) also verified some of the same trends.
Visa said that consumers with U.S.-issued Visa cards showed an increase in eCommerce volume of 20% over the same period in 2011. This came to a record $2 billion purchase volume on Visa cards. What is interesting to note is that Visa said that it is a slight decrease in the average transaction amount. The indication is that consumers are using the Internet for more than big ticket items and are making multiple purchases at various price points.
The allure of online shopping is easy to understand. No lines, delivery to your home, the ability to instantly know if you are getting a great deal, no driving and parking at the mall, and on and on.
Today, International Business Machines Corp. (NYSE: IBM) also reported that online shopping activity rose 28.4% on Cyber Monday, and sales rose more than 10%. That is after a record four-day holiday spending spree of $59.1 billion.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Consumer Product, Economy, Internet, Retail Tagged: featured, IBM, V