Cyber Monday adds Â£1bn to shops' four-day sales boost
An estimated Â£1.1bn was spent yesterday as 15 million people rushed to get their hands on a 'Cyber Monday' bargain.
The day marked the end of the Black Friday four-day shopping bonanza, where retailers slash prices in order to tempt people to start their Christmas shopping.
Nationwide said more than £44.6m was spent using its cards between midnight and midday across 894,000 transactions. This was up 18 per cent on Cyber Monday last year.
Cyber Monday is typically focused towards online shopping, while Black Friday is geared towards high street retailers.
However, the two days have merged in recent years and analysts say the sales have evolved into a more extended period where some shops were even offering up to two weeks of heavy discounts. Nationwide said only a third of sales were completed online yesterday.
The payment processing firm Worldpay added that online sales on Black Friday were also strong. The company said it processed nearly 20 per cent more online transactions than on Black Friday 2015.
Online sales peaked at about 4 o’clock in the afternoon, at a rate of 181 transactions per second.
Britons are estimated to have spent a total of £5.8bn over the four days between Black Friday and Cyber Monday.
This was a 15 per cent increase on last year, according to VoucherCodes.co.uk and the Centre for Retail Research.
Around 14 million shoppers were predicted to go on a £1.97bn spending spree on Black Friday – setting a new record – with more than half of that amount spent with companies trading on the internet.
The retail software firm Vend, which tracked 1,500 independent shops across Britain on Friday, Saturday and Sunday, said that sales were up by 22 per cent on the same weekend last year.