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Online spending on the Monday after Thanksgiving reached $846 million, up 15 percent from a year earlier, but e-commerce spending for the holiday season to date is off 2 percent as consumers wait for deals, tracking firm comScore Inc. [SCOR
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This year's online tally for the so-called "Cyber Monday," when consumers log on -- many from work -- seeking better deals than they saw on visits to physical stores, ranked as the second-heaviest online spending day on record, behind the $881 million spent on December 10, 2007.
Retail experts have voiced concerns that deep discounts from traditional brick-and-mortar chains may take sales from their online rivals. This year's holiday season is expected to be one of the bleakest in years as rising unemployment and tighter lending standards strain consumers' buying power.
But comScore said the solid online spending showing for the first Monday after the holiday shopping season officially began was an encouraging sign for retailers.
"Consumers are clearly responding positively to retailers' aggressive online discounts," comScore Chairman Gian Fulgoni said in a statement.
For the holiday season to date, which is defined as November 1 to December 1, online spending stood at $12.03 billion, down 2 percent from $12.22 billion a year earlier. On Thanksgiving Day, e-commerce spending came to $288 million, up 6 percent from the year ago.
On Black Friday, the day after Thanksgiving that traditionally kicks off the holiday shopping season, comScore said online spending inched up 1 percent to $534 million. Internet spending was up 13 percent for the four-day period from Black Friday through Cyber Monday.
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