NEW YORK - Americans jumped on deals and promotions offered online on Cyber Monday, spending $1 billion and making it the busiest online shopping day ever, according to new data.
Research firm comScore Inc. says revenue rose 16 percent from a year ago to $1.03 billion on the Monday after Thanksgiving, the first one-day spending total above $1 billion.
Still, analysts cautioned that better results in stores and online during the busy Thanksgiving weekend don't necessarily mean the whole holiday period will be strong. Shoppers might have just been lured by discounts, pulling forward sales from December.
A better picture will emerge today, when the nation's retailers release revenue figures for the month.
Analysts expect revenue in stores open at least a year, a key measurement of fiscal health, to rise 3.6 percent in November, according to a poll by Thomson Reuters.
Analysts expect sales of teen clothing and, notably, men's clothing, to be strong.
"Men have not done major wardrobe updates in three to four years," RBC Capital Markets analyst Howard Tubin said. "This year, it seems men are focusing on apparel again."
Industry watchers also will be looking for indications that Americans are spending on themselves, and not just sticking to Christmas lists.
Since the beginning of November, online sales are up 13 percent to $13.55 billion, according to comScore.
by Mae Anderson Associated Press Dec. 2, 2010 12:00 AM
Cyber Monday tops $1 bil for 1st time
