On November 30, known as Cyber Monday, the online spending spree looks set to continue. ReD forecasts between 11.2 million and 12.8million online transactions will take place, making Cyber Monday the second busiest online trading day of the year.
Yet again, gift cards are topping the shopping charts across the nation, with the Xbox 360, the Nintendo Wii and DVD box sets following closely behind. This year the American people's top gift choices are closely mirrored by the fraudsters shopping cart, where the top four products are gift cards, the Xbox 360, Nintendo Wii and the new Xbox game, "Call of Duty. On average fraudsters attempt to spend $248 per transaction online, a staggering 23% more than the average genuine customer.
ReD's data also shows there is an uneven rate of recovery across the nation in the wake of the credit crunch. For example, online retail growth has been stronger in California, compared to New York, since the beginning of November. Last year Californians were making 10% more purchases online than New Yorkers, and this has now increased to 26%.
"The 23% rise in online sales since November 1 shows green shoots in the US economy for the first time since the catastrophic spending freeze during the same period last year." says Carl Clump, ReD's Chief Executive Officer. "However this season's optimism will be dampened by fraudsters attempting to exploit retailers whilst they are coping with increased demand. We envisage a 38% rise in online fraud attempts on Black Friday compared to the same period last year."
