It’s Cyber Monday: Go Online and Buy Something
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Today is Cyber Monday, the online equivalent to the more traditional shopping day of Black Friday. Maybe it is just me, but they sound like such dire names for what should be major shopping days and economic bellwethers in a free enterprise system.
Due to a tough economy, pundits had expected both Black Friday and Cyber Monday to be down this year, but according to a National Retail Federation Black Friday survey conduct by BIGresearch, 172 million shoppers visited stores and websites this Black Friday weekend compared to 147 million shoppers last year. The research also indicated that the average shopper spent $373 this year compared to $348 last year. Total spending was estimated at $41 billion. The survey also indicated almost a quarter of shoppers were at stores by 5 a.m., and over half made it to stores by 9 a.m.
Amidst headlines of yet another multi-billion-dollar bank bailout, non-bank competitors appear to be swarming at the proverbial bank-vault door. Consumers now have more choices and new ways to obtain and manage their money, presenting a challenge to banks at a time when financial institutions can ill-afford to lose customers, deposits and fee income.