U.S. consumers have spent $33.8 billion at online merchants this holiday shopping season, representing a 13% increase over e-commerce spending during the same period last year, according to Internet usage analytics firm comScore.
During the week of Dec. 8-14, consumers spent nearly $7 billion online, up 11% from the same week one year ago. The week included nearly $1.28 billion spent on Dec. 10—this year’s “Green Monday,” or the Monday with at least 10 days prior to Christmas.
And it’s not just merchants benefiting from the holiday spending spree. While interchange rates and other fees differ based on the payments network, processors and banks involved in a given transaction—not to mention other variables like the size and type of merchant—assuming a baseline 2% merchant discount rate to accept payment cards and alternatives such as PayPal, online holiday spending would net banks and service providers $676 million in fee revenue.
Green Monday spending ranked third among the all-time top 10 online spending days in the U.S., trailing only the $1.36 billion spent in Dec. 4, 2012 and the nearly $1.47 billion spent on Cyber Monday this year. Reston, Va.-based comScore said 11 individual days have surpassed $1 billion in online retail sales during the 2012 season, surpassing the 2011 record of ten shopping days.
With Hanukkah over and Christmas just eight day away, peak spending is likely finished this holiday season. But in a press release, comScore chairman Gian Fulgoni said online merchants could still grow their year-over-year revenue beyond the current 13%.
“We should have one more headline day on Free Shipping Day this Monday the 17th, as the procrastinators among us scramble to order gifts in time for Christmas next week…But, with two extra shopping days between Thanksgiving and Christmas this year, we still expect that the full season will realize a growth rate well north of 13%,” Fulgoni said.