Cyber Monday? That’s the Same Week as Pink-Slip Tuesday and Foreclosure Friday, Isn’t It?
With online spending growth at its lowest rate in seven years, this holiday season is likely to be the worst for e-commerce since the concept was first dreamt up. Which means that Cyber Monday, the symbolic start of the online holiday shopping season, may prove to be quite a bit less than the orgy of consumer spending for which retailers have been hoping.
Said Global Hunter Securities analyst Richard Hastings, “We expect Cyber Monday to be relatively weak, since it’s very credit card sensitive. We’re hearing consistent reports of more use of cash and debit cards in stores. That could weigh on Cyber Monday.”