On Black Friday, people create massive lines outside of the store to grab a few deals (hopefully leaving in one piece.) On Cyber Monday, which is days later, people fire up their laptops and snag some savings via the internet. But since sometimes it's hard to say no to online purchases, how much money do people actually save on Cyber Monday? Do people spend more money because they think they're getting a deal, or are they truly getting a deal?
Of course, there's a lot of statistics on this, and most of that depends on how you shop. One thing is definite — Cyber Monday is getting more and more popular each year. And based on a 2015 survey from the National Retail Federation, 90 percent of Cyber Monday shoppers are lured by the good deals, above all else.
As time goes on, more and more people start to embrace online shopping, as well. I mean, remember a few years ago, when you had to tell your Mom that Amazon was a pretty safe place to shop, and not a scam that'd steal her identity? Good times.
International Business Times reports that 94 percent of consumers plan to do a bulk of their holiday shopping online, and obviously the Black Friday and Cyber Monday weekend is the absolute best to get the good deals — after all, it's the weekend where people are searching for a bargain, and feeling a little carefree about spending money.
Companies also like knowing that they have really great deals to offer, since one of the very best ways to gain business is through word of mouth.
Two years ago, U.S. News & World Report suggested that customers might actually save more money during the weeks leading up to the big day. Perhaps that's to try and clear out some old stock, before restocking for the holiday rush.
"Reports predict steep online discounts will start the week of Thanksgiving and peak on Thanksgiving Day, and some retailers like Amazon, Target and Walmart have already started their holiday sales events," the article noted. "Shopping online that week will still save money, and many stores now offer free in-store pick-up."
The article salso noted that not only will early shopping help ensure that the specific product you're looking for is in stock, but noted that electronics will probably be cheaper before Black Friday even starts. The article was written by Jon Lal, the CEO of the website BeFrugal, so his expertise on the topic of saving is pretty significant.
TurboTax definitely believes that Cyber Monday offers everything that Black Friday can't. According to Net MBA, no opportunity costs are lost (as in, you don't have to wait outside for four hours just for $10 off of an electronics purchase) and you don't have to pay for gas in order to grab the deal in the first place. So all in all, Cyber Monday shoppers typically do save more than Black Friday shoppers when absolutely everything is considered.
But when it comes down to it, Huffington Post noted that shoppers usually just save an average of 20 percent. The site noted that Cyber Monday is being the biggest day for online shopping, but in tune with what U.S. News & World Report had figured, noted how savings on other days, like Thanksgiving and Black Friday, usually averaged around 23 percent and 24 percent worth of savings. Strange, huh?
In short? Sure — shopping on Cyber Monday is way less stressful than going out on Black Friday. But, you might want to start looking for better deals before the rest of the crowd does. That way, your purchases will be discounted, in stock, and ready well before the holidays hit.