Retailers hoping for Christmas spending spree on Manic Monday
Retailers are hoping for another spending spree today as consumers place their Manic Monday orders in time for Christmas.
Shoppers in the UK are predicted to spend £733 million online today, up 10% on last year's £666 million, according to data firm Experian and online retailing trade association IMRG.
Consumers spent a record-breaking £3.3 billion online over the four days from Black Friday to Cyber Monday, splashing £968 million online on Monday alone, or £672,000 a minute - 34% more than the £720 million spent last year.
However, the amount is less than for Black Friday when shoppers shunned the high street to spend £1.1 billion online, or £763,000 every minute.
Experian Marketing Services senior retail consultant James Miller said the figures showed consumers had fully embraced the online shopping "phenomenon".
He said: "Retailers still have more opportunities to reach customers in the run up to Christmas, with Manic Monday representing the time when consumers look to order gifts to ensure they receive them before Christmas, before the traditional Boxing Day sales begin."
Experts identified Manic Monday in 2013 as the key online shopping date ahead of Christmas as consumers left their buying later because of increased confidence in delivery networks and click-and-collect services to get gifts to them before the holidays.
It is also thought to be fuelled by the widespread use of mobile technology, while the Centre for Retail Research has previously suggested that the spending can be attributed to shoppers buying early out of fear that the items they want will sell out.
The heavy discounting offered by retailers on Black Friday and Cyber Monday is not a feature of Manic Monday, but many websites offer free delivery and push the message that goods will be delivered in time for Christmas.