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Business and Finance
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Thu, November 24, 2011 BMO's Annual "Cyber Monday" Report: Businesses Prepare for Online Shopping Rush
November 24, 2011 09:27 ET
BMO's Annual "Cyber Monday" Report: Businesses Prepare for Online Shopping Rush
More Canadians planning to shop online this year compared to 2010 - BMO survey shows nearly half of Canadians planning to shop online for holiday gifts - Canadians expect to spend $1397 this holiday season
TORONTO, ONTARIO--(Marketwire - Nov. 24, 2011) - With Cyber Monday around the corner, businesses are gearing up for a steady stream of consumers to go online for a fast and easy way to check off their holiday gift list. Cyber Monday refers to the Monday following American Thanksgiving, which has become the busiest online shopping day of the year.
Ahead of the online shopping rush, a new BMO survey conducted by Leger Marketing found that 46 per cent of consumers will be logging on to do their holiday gift shopping this year − up from 41 per cent a year ago.
"This is a growing trend, with almost half of all Canadians now doing at least some of their holiday shopping online," said Douglas Porter, Deputy Chief Economist, BMO Capital Markets." As more Canadian retailers mirror U.S. sales promotions, there is the potential for significant activity on Cyber Monday. More than ever, Canadian shoppers are taking notice and adjusting their retail calendar."
| The survey also found: | ||||
| 2010 | 2011 | |||
| Males planning to use internet to buy a gift | 49 per cent | 49 per cent | ||
| Females planning to use internet to buy a gift | 34 per cent | 43 per cent | ||
| Provinces and regions most likely to be shopping online this season | Prairies (47 per cent); Ontario, BC (46 per cent) | Atlantic Canada (64 per cent); Ontario (52 per cent) | ||
| Provinces least likely to buy gifts online | Quebec (27 per cent) | Quebec (31 per cent) | ||
"Approximately 80 per cent of Canadians shop online. Consequently, retailers are increasingly providing incentives and easy access for shoppers who want the added convenience of making a purchase online," said Cathy Pin, Vice-President, BMO Commercial Banking." Big box stores and boutique outlets are still popular shopping destinations, but businesses can make the most of the holiday spending season by ramping-up their online presence and appealing to this growing consumer base."
Furthermore, the BMO 2011 Holiday Spending Outlook showed Canadians expect to spend an average of $1397 during this holiday season - up from $1305 in 2010.
The survey was completed on-line from October 17, 2011 to October 20, 2011 using Leger Marketing's online panel, LegerWeb, with a sample of 1508 Canadians. A probability sample of the same size would yield a margin of error of 2.5 per cent 19 times out of 20.
