Canadians Embracing Cyber Monday
Need to get your holiday shopping done on a budget? Have no fear, Cyber Monday is here. A tradition that started in the US by online store owners, Cyber Monday is an easy way to catch the sales this Holiday without having to leave the confines of your own home.
Why on November 28th? It’s the perfect date for the online community to compete with corporate sales of Black Friday while appeasing those who love the holiday shopping scramble.
This honoured tradition is no longer just limited to the American masses. Canadians, this year, are participating more than ever before. A survey conducted by Ledger Marketing on behalf of BMO found that 46 per cent of Canadian consumers will be shopping online for holiday gift shopping this year.
"This is a growing trend, with almost half of all Canadians now doing at least some of their holiday shopping online," said Douglas Porter, Deputy Chief Economist, BMO Capital Markets. "As more Canadian retailers mirror U.S. sales promotions, there is the potential for significant activity on Cyber Monday. More than ever, Canadian shoppers are taking notice and adjusting their retail calendar."
As about 80 per cent of Canadians shop online, Canadian retailers are taking advantage of this opportunity by providing incentives as well as easy access to shoppers.
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"Big box stores and boutique outlets are still popular shopping destinations, but businesses can make the most of the holiday spending season by ramping-up their online presence and appealing to this growing consumer base,” said Cathy Pin, Vice-President, BMO Commercial Banking
The good news is that Canadian retailers' hard work, whether on or offline, is paying off. This holiday season, the BMO 2011 Holiday Spending Outlook predicts a person’s average spending to reach $1397.