cyber monday

Cyber Monday is traditionally THE day for cyber sales. The Monday after Thanksgiving is usually an online shopping free for all but this year the day beat the lot of for the number of online sales. Are things looking up or is it just a sign of online promotions and discounts doing the trick?

According to the latest figures from ComScore, online sales were up 16% on last year. The purchases taking place during those 24 hours generated a massive one billion dollars - for the first time in history and the greatest ever spent online in one day. At the same time, holiday spending increased by 13% over the same period in 2009.

Move over Black Friday, Cyber Monday is where the action happens. Consumer spending is heading to the virtual high street as Christmas shoppers favour etailers over their bricks and mortar counterparts.

In the US, Black Friday, the Friday after Thanksgiving, has been traditionally known as the busiest shopping day of the year. Accounting folklore suggests it's the day each year when retailers make it out of the red.

Official comScore figures reported a spend of $595 billion in online spend on this day, an 11% increase on the same day last year.