Online Sales Surge during Holiday Season
Dec. 28, 2010
SpendingPulse, an examination of aggregate sales activity in the MasterCard payments network, reported that e-commerce spending was up significantly this holiday season. For the full 2010 holiday shopping season (Oct. 31 to Dec. 24) consumer spending online grew 15.4 percent from last year to $36.4 billion. “Today e-commerce accounts for a much larger share of overall retail sales compared to a few years ago. And during this holiday season, it registered double digit growth for 6 out of 7 weeks,” said Michael McNamara, vice president for MasterCard Advisors SpendingPulse. “In terms of sub-categories, apparel was the clear leader accounting for 18.8 percent of total sales in that category, compared to 16.9 percent in 2009.” The SpendingPulse report said sales surpassed $1 billion on six days during the shopping season, compared with only three such days in 2009. Top days included Tuesday Nov. 30 ($1.16 billion) and Wednesday Dec. 1 ($1.13 billion). The Monday after Thanksgiving—known as Cyber Monday for the preponderance of online sales, generated $999.3 million in sales—a 25.3 percent increase compared to the same day last year.