Cyber Monday is set to break new records for online holiday shopping in the United Kingdom, Bloomberg reports. Just as Black Friday names the day after Thanksgiving when consumers flock to stores in search of the hottest deals on gifts for their friends and family and for items for themselves, Cyber Monday has entered our vocabulary to name the Monday after the Thanksgiving weekend during which shoppers turn to their computers to satisfy their shopping addictions.
Originally coined because people would have faster workplace internet on the day following the holiday weekend, Cyber Monday has come to be a crucial part of the marketing strategies of online retailers.
The situation is especially prevalent in the United Kingdom this year, where sales numbers for the day are expected to break records. Visa expects spending to total around 450 million pounds, whereas Sage Pay has forecasted that spending could exceed 500 million pounds (around $818 million). If online sales do reach those levels, it would represent an increase of over 10 percent from last year’s numbers.