Survey Shows ‘Black Friday’ and ‘Cyber Monday’ Heavily Impact Holiday Shopping Season
Chicago, Ajust-released study by accounting and consulting firm BDO Seidman, LLP has revealed that the chief marketing officers of leading U.S. retailers estimate sales on “Black Friday” (Nov. 23 this year) will account for 15.1% of their total holiday revenue in 2007.
These same marketing executives, the survey revealed, also anticipate that online sales for “Cyber Monday,” the first Monday after Thanksgiving, will account for 12.3% of Internet sales this holiday season. They also project that more than one-fifth (21.3%) of their holiday sales will take place in the final week before Christmas.
“This year’s holiday survey of chief marketing officers demonstrates how ‘Cyber Monday’ has become the online equivalent of ‘Black Friday’ for America’s leading retailers,” said Doug Hart, a partner in the retail and consumer product practice at BDO Seidman. “It also indicates that while retailers are dedicating a measurable proportion (14.8%) of their total marketing budget to driving Internet sales this holiday season, a majority of the retailers are not conducting any special promotions as they see the convenience of online buying as a sufficient incentive to purchase through this medium.”
These findings are from the most recent edition of The BDO Seidman Retail Compass Survey which examined the opinions of 100 chief marketing officers at leading retailers nationwide regarding their expectations of the 2007 holiday shopping season.