A few days ago I chatted about the virtues of cutting back on buying and spending – an approach that was promoted on Buy Nothing Day, last Friday. The reason for Buy Nothing Day being celebrated this time of year is that we are in the middle of one of the craziest shopping periods of the year – in the US and Canada in particular, Thanksgiving weekend is a time that puts big smiles on retailers’ faces.
Today is no exception, as we celebrate a day of shopping frenzy that has come to be known as Cyber Monday – one of the top online shopping days in the US, and many other parts of the world.
As reported in the New York Times in 2005, “The name Cyber Monday grew out of the observation that millions of otherwise productive working Americans, fresh off a Thanksgiving weekend of window shopping, were returning to high-speed Internet connections at work Monday and buying what they liked.” Besides the explanation given by the NYT, the fact is also that this is the time of year – one month before Christmas – when retailers seriously step up their relentless barrage of sales and promotions, reaching fever pitch towards the second half of December.
The term Cyber Monday was first coined in 2005 by online shopping community Shop.org, based on research from the previous year, during which they noticed that the period after Thanksgiving showed a clear spike in online shopping. Since 2010 the day has consistently counted as one of the $1+ billion online shopping days in the US. The day has become so popular with online shoppers the world over that many employers are actively curbing their employees’ non-work related online activities on this day.
What struck me when I read up about Cyber Monday, is how new online shopping really still is (less than 20 years ago, the concept was still largely non-existent) yet how entrenched it has become as part of our daily lives. It’s hard to imagine a world without amazon.com, without ebay, without itunes. It is estimated that by 2015 the online shopping industry will be worth a whopping $279 billion in the US and €134 billion in Europe.
If you’re into shopping, and looking for a bargain, today may be just the day for you to go trawling the online shopping sites. Just don’t complain when you end up buying a whole bunch of extra stuff you never planned on, pushing your budget into a state of emergency. Retailers are ruthless in their quest to make the poor consumer part with his money, and the online sector is, if possible, even more so. The most dangerous part of online shopping is that you never physically part with your money – its just a click here and a click there, and suddenly your bank balance looks a lot less healthy.
I still maintain that the best thing to do during the two months between mid-November and mid-January is to stay as far away from the shops as you can, and to rather spend time being creative – homemade gifts and goods are so much more special than yet another shop-bought special offer.
You may indeed get some real specials this time of year, but I can guarantee that you will also spend a lot more than you planned…