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comScore: Holiday spend tops $35 billion
Holiday spending has been breaking records for the last couple of seasons, but another record just went down. comScore reports that for the first time, a shopping week has topped $7 billion in spending, bringing the 2012 online spending total to $35 billion.
The week of December 10 - 16 saw online shoppers spend $7.019 billion, topping the Thanksgiving weekend spend by nearly $6 billion. Shoppers have thus far spent 13% more in 2012 than in 2011.
"We expected this past week to be record-setting and it clearly was, with an impressive spending total of more than $7 billion - an average of more than $1 billion in spending per day," said comScore chairman Gian Fulgoni. "This current week, which kicked off with Free Shipping Day on Monday the 17th, will be critical in making up some ground on a season-to-date growth rate that remains below initial expectations at 13 percent following a prolonged post-Cyber Monday lull. With many retailers extending their free shipping offers into Tuesday and Wednesday of this week, we just may see the sort of late-season jolt needed to push growth rates back into the mid-teens."
Meanwhile the National Retail Federation reports shoppers are making good progress on their lists with the average person finished with at least half of their shopping. BIGinsight conducted the latest survey, which also found most shoppers are going on Clothing/Accessories or electronics for the 2012 holidays.
"Having made a list and checked it twice, holiday shoppers have been out in full force these last few weeks, leaving only a few stones unturned," said NRF President and CEO Matthew Shay. "There's no question that holiday shoppers wanted to make the most out of retailers' promotions as early as they could, but as personal schedules get even busier these days, we know there are plenty of people who haven't even made a dent in their list yet. As two of the most important weeks of the holiday season, retailers will do their best to pull in those final dollars with unique offerings and creative promotions."
As for how shoppers will wrap the season, nearly half (44.5%) will head to a department store while one-third (34.6%) will shop discount stores for the remainder of their gifts.
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