Cyber Monday is gaining ground on Black Friday among deal-seeking holiday shoppers: 38% of surveyed consumers say they plan to shop on Cyber Monday 2011, whereas nearly the same proportion (39%) plan to shop on Black Friday, according to a survey from Chadwick Martin Bailey (CMB) and iModerate Research Technologies.
Bargain hunters will be out droves. Among those planning to shop on Cyber Monday (the Monday after Thanksgiving when many online retailers offer deep discounts and special promotions), 80% cite discounts as a top reason for doing so, while 59% cite free shipping. Nearly four in ten (39%) say they'll shop online to avoid the holiday shopping crowds.
Among that 39% of consumers who plan to brave Black Friday in-store crowds, 89% cite special sales as the top reason, while 29% want to shop for products while they are still in stock.
Interestingly, 61% of those who plan to shop on Cyber Monday also plan to shop on Black Friday, according to the study.
Below, additional findings from CMB's Holiday Shopper Survey, conducted in October 2011 by iModerate Research Technologies.
Most (60%) consumers plan to spend the same online as they did last year, whereas one-quarter (26%) plan to spend more; only 14% plan to spend less.
In terms of holiday shopping overall (online and offline), most (54%) shoppers plan to spend the same as last year, 15% plan to spend more, and 30% plan to spend less.
Asked which areas of spending they plan to cut, shoppers cite holiday decorations (41%), travel (40%), and gifts for friends and coworkers (37%).
Consumers continue to look in the traditional places when hunting for holiday deals and discounts: 69% find deals while shopping in stores, 66% browse Sunday news circulars and 52% read flyers they receive in the mail.
One-third of shoppers (33%) look for group-buying or daily deals online, while 12% use Facebook.
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Motivations for Shopping Online
Overall, 52% of online shoppers say free shipping is their number one reason to shop online, whereas 30% cite online-only prices and 7% cite items that are available online only.