GRAND RAPIDS, Mich.- As many people head back to work after the long holiday weekend, some will be using their computers for more than just catching up on emails.
Cyber Monday is the day coined for the folks who plan to do some of their Christmas shopping online. And, just as many retailers extended their Black Friday deals beyond one day, cyber retailers could do the same.
Retail experts say 177 million people are expected to log on for Cyber Monday, likely spending $20 billion dollars more than they did on Cyber Monday in 2011.
Paul Isely, chairman of the Economics Department at Grand Valley State University, says Cyber Monday profits are typically smaller compared to Black Friday. For every $10 spent the day after Thanksgiving, only about a dollar goes towards Cyber Monday.
But, experts predict a good year. Online sales are already off to a strong start.
“We actually saw a big increase in online sales both on Thanksgiving day and on Black Friday,” said Isely. “There was something like a 20% increase in online sales during those days.”
Isely says experts will be closely watching consumer confidence.
“We are really looking at, are people buying luxury goods or are they buying goods that they would have bought otherwise,” said Isely.
Cyber Monday deals could last well into the week.
