SAN FRANCISCO (KCBS) – It was a huge Black Friday for retailers, with buyers spending more than $11 billion at stores and malls, and many analysts expect another huge boost with the online Cyber Monday buying spree — even though it is a rather antiquated concept.
“It started when people had to go to work in order to get a high-speed Internet connection,” said Kit Yarrow, a professor of psychology and marketing at Golden Gate University. “So Monday was like the onliners Black Friday.”
KCBS’ Mark Seelig Reports:
Now, Yarrow said that people have high-speed Internet, with their tablets and smartphones, and can pretty much shop online all the time.
But retailers are traditionalists and will be offering up plenty of deals, so Yarrow said she expects more big numbers, by Cyber Monday standards.
“Consumers who have been afraid, practical and reactive,” she said. “I think what they’re doing is taking control of their finances.”
Yarrow said that because of that, we can expect a healthy holiday shopping season, both online and in stores, something that was not expected earlier this year.
In total, data gathering firm ShopperTrak said that retail sales were up 7 percent this year for Black Friday.
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