02 Dec 2013
Retailers are bracing themselves for what is expected to be the busiest online shopping day of the year, as the pre-Christmas spending boom continues.
According to credit card firm Visa, internet shoppers are predicted to spend the equivalent of £312,000 every minute on what has been dubbed ‘Cyber Monday’. It estimates that some 7.7 million online transactions will be completed by the end of the day – a rise of 16% on last year.
The first Monday in December is traditionally the busiest day for virtual spending, with many shoppers ordering early to guarantee delivery in time for Christmas.
‘UK consumers’ love affair with online shopping will reach its peak on Mega Monday,’ said Jeremy Nicholds, director of commercial development at Visa Europe.
‘Online shopping now accounts for more than 25% of spend with Visa in the UK, signifying the confidence that consumers have in the security of online payments and in the delivery of goods.’
Meanwhile the Centre for Retail Research predicts that total festive sales could reach £72.2 billion, with a third of this expected to be spent online.