A new report has suggested that more than £1 billion will be spent online between Black Friday and Cyber Monday, two of the biggest dates in the recently revised retail calendar.
The study, produced by eCoupons.com, the creator of CyberMonday,co.uk, said that more than £450 million would be spent on Monday (December 2nd) or £312,500 per minute.
Matthew Cheng, founder of eCoupons.com and creator of the CyberMonday.co.uk, observed that retailers have really embraced the concept this year.
And this, he says, is set to be reflected in the amount of money retailers see in the coming hours.
“When we initially approached UK retailers to hold Cyber Monday sales a few years ago, there were few takers. Now many high street stores have jumped on board to compete against Transatlantic online retailers,” he remarked.
“A major reason Black Friday and Cyber Monday sales are jumping the pond is because UK retailers must compete against lower-priced apparel and shoes with low-cost or free shipping,” he added.
Black Friday has, of course, been a major landmark in the US for many years, as it follows hot on the heels of Thanksgiving. In the UK, however, it is considered to be of less importance.
Despite this, retailers throughout the country have today opened their doors to consumers who are desperate to get their hands on the best and cheapest goods.
Earlier this week, Visa Europe said that Monday would mark the busiest day for the online retail industry in the run-up to Christmas 2013.
The study furthers claims that consumers are increasingly preferring the convenience of buying items from home or on the move rather than heading to a store.
It has been suggested that a record sum of money will be spent by consumers over the internet, with as much as £1.3 billion expected to change hands on this date.