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Consumers to spend, spend, spend on Cyber Monday

Consumers to spend, spend, spend on Cyber Monday

Category: Credit cards

Updated: 02/12/2013
First Published: 02/12/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Cyber Monday, touted as being the biggest online shopping day of the year, is in full swing as consumers try to grab those must-have Christmas bargains and make their way down their Christmas list. Analysts are anticipating some £1.3 billion will be spent in just 24 hours with shoppers hungry to take advantage of post-Black Friday deals, while some are even expecting it to be the biggest online shopping day in history.

Even though vouchers and discount codes are available year-round, the highly-targeted offers that can be found at this time of year are too tempting to pass up on. It could be a boost for retailers as they make their way into the festive shopping season too, with John Lewis expecting some 800,000 orders and internet giant Amazon hoping to smash last year's record of 3.5 million orders. Credit card firm Visa, meanwhile, expects around 7.7 million online transactions to take place in just one day, totalling a whopping £312,500 spent on their cards every minute – or £5,208 per second, up 16% on 2012.

Cyber Monday, or the Monday closest to the beginning of December, is historically the day when consumers spend the most money online. This year it could be even bigger thanks to the rise of smartphones and online shopping in general – research from Virgin Media found that 55% of respondents plan to use computers and laptops to do their Christmas shopping while 18% will use mobiles or tablets. Meanwhile figures from John Lewis reveal that mobile orders have doubled since last year and 42% of traffic now comes from tablets and smartphones, meaning the high street could be left behind this festive season.

But, consumers are being warned to take extra precautions against fraud this Cyber Monday. As the number of online shoppers is set to peak it could provide a field day for cyber criminals, and with the average loss from online fraud amounting to £371 it means consumers should be even more vigilant than normal. Ideally, shoppers should spend on credit cards rather than debit cards as they offer an additional level of fraud protection, and they should make sure their contact details are up-to-date with their bank in case any unusual activity is spotted.

What Next?

Check out our handy online fraud guide for extra tips on staying safe

Compare the top 5 cashback credit card deals so you can be rewarded as you shop this Cyber Monday

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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