Despite bad expectations from analysts, online spending on Cyber Monday increased 15 percent year-over-year to $846 million, according to ComScore. The research firm says Monday was the second-biggest online shopping day ever:
Monday, referred to as Cyber Monday by online retailers, capped off a successful Thanksgiving holiday weekend for the industry, which overall saw spending jump 13 percent.
It's a welcome relief for an industry that was mostly bracing for the worst.
"Consumers are clearly responding positively to retailers' aggressive online discounts," ComScore Chairman Gian Fulgoni said in a statement. "With Cyber Monday promotions beginning in earnest over the Thanksgiving weekend, consumers have finally begun to open their wallets, setting off a streak of four consecutive days of extremely strong growth..."
ComScore ranks the $846 million spent Monday as the second-biggest day of online shopping ever. That should be encouraging to retailers, since typically Cyber Monday isn't the biggest spike in online sales for the holiday season, just the first, according to retail analysts.