Cyber Monday Data Points to Continued Spending Splurge

New Cyber Monday study from FatWallet.com reports 69% will spend the same or more than last year, forecasting more growth despite 30% blocked from shopping at work.

Nov 23, 2015, 07:00 ET from FatWallet

BELOIT, Wis., Nov. 23, 2015 /PRNewswire/ -- FatWallet.com, where millions of deal hunters go to stack coupons with cash back, announced results of its annual Cyber Monday shopping study (*TNS), including a comprehensive overview of Cyber Monday Trends since 2004. The study reports that 7 in 10 plan to spend the same or more than they did last year, despite that 40% think prices will be higher this year (40% also think they'll save more money than last year). Like last year, about half will shop on Cyber Monday and one third will buy holiday gifts, while another third will buy for themselves or family needs (non-gifts). Although 33% get their Cyber Monday ideals information from retailers, 26% say they rely on Black Friday deal sites, and 27% just go shopping without any intel. What products will Cyber Monday shoppers be looking to buy this year?

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  • 34% will buy Apparel
  • 33% will buy Consumer Electronics
  • 26% will buy Toys or Video Games
  • 23% will buy Books, Movies or Music
  • 22% will buy Home Items
  • 15% will buy Mobile Devices

"Although we see good deals on Cyber Monday, store-wide and department discounts are typically the big draw. In recent years, as many as half of all shoppers have opted to buy apparel," stated Brent Shelton, FatWallet Online Shopping Expert. "This year shoppers are expecting to buy from a better mix of deals on electronics, media and mobile than we've seen in the past."

FatWallet, well known for leaking Black Friday ads, also includes Cyber Monday ads and sales flyers for a number of holiday shopping events on its site and apps. This year, Cyber Monday sales are expected to launch on most retail sites on Sunday, Nov. 29 and last into the first week of December (see Cyber Monday shopping time averages below). An aggregate of the best Cyber Monday deals can be found starting Sunday at FatWallet.com, where shoppers can also add cash back from more than 1,700 stores.

Cyber Monday Historical Trends (see infographic):
After 77% of online retailers reported a surge in spending on the Monday after Thanksgiving in 2004, the National Retail Federation created the term "Cyber Monday", by 2006, most retailers began to officially recognize Cyber Monday by offering huge deals and Cyber Monday eclipsed $610 million in total sales. In 2010, Total Cyber Monday sales surpass $1 billion for the first time in 2010, while last year sales exceeded $2 billion (NRF). However, while Cyber Monday total spending is on the rise, the average cost of the individual Cyber Monday order was in decline until last year (IBM):

  • 2011: $198.26
  • 2012: $185.12
  • 2013: $128.77
  • 2014: $159.55

Where We Save: Nearly 8 in 10 made purchases from online (computer/laptop) and 2 in 10 via mobile (tablet/smartphone) with 79% on iOS and 21% on Android. With the average Cyber Monday discount reported at 23% in 2014, Cyber Monday shoppers look to save the most money on deals (78%), then free shipping (76%), store-wide discounts (55%), coupons (47%) and cash back (30%). The average Order by Retail Category (IBM):

  • Department Stores: $146.07 (up 9.7% from last year)
  • Health and Beauty: $57.94 (down 3.8% from last year)
  • Home Goods: $247.59 (up 10.9% from last year)
  • Apparel: $100.67 (down 2.1% from last year)

When We Shop: The biggest peak in Cyber Monday shopping in 2014 happened between 12-3:00 p.m. EST and the best deals occur before 10:00 a.m. EST, and shoppers only spend an average of 6 min. browsing the web (SearchEngineWatch.com). Also in 2014, a FatWallet survey reports the average time spent shopping for Cyber Monday related sales in 2014:

  • Early Sunday: 26%
  • Monday morning: 38%
  • Monday at noon: 25%
  • Monday afternoon: 32%
  • Cyber Week: 32%

Shopping At Work: FatWallet 2014 survey reports that only x% say they shop for Cyber Monday deals at work, while x% say they shopped at home. A 2014 study asked CIOs if employees shopping at work on Cyber Monday (Robert Half Technology):

  • 30% block access to retail sites on Cyber Monday
  • 42% allow limited access to retail sites on Cyber Monday
  • 27% allow unrestricted access to retail sites on Cyber Monday
  • 7% of HR reps report having to reprimand or fire an employee for excessive shopping on Cyber Monday

About FatWallet: As the preferred online coupons and cash back shopping resource for millions of smart consumers, FatWallet.com works closely with 1,700+ retailers like eBay, Best Buy, Walmart and Amazon to publish store discounts, coupon codes and Cash Back rewards to its members. The much celebrated FatWallet forums represent the pulse of an evolving online marketplace where smart consumers gather to share and learn. FatWallet has paid more than $50 million in cash back to its members since 2004. The new FatWallet Cash Back App and FatWallet Express button assure shoppers they'll get cash back on every purchase.

*The national survey conducted online by TNS on behalf of FatWallet.com in October 2015 was fielded among 1,000 adults ages 18 or older.

SOURCE FatWallet