15 million Britons set to head online for Cyber Monday bargains
The sales spending spree is expected to continue today to the tune of Â£1.1 billion as an estimated 15 million Britons head online for Cyber Monday bargains.
Many retailers have promised a host of new deals for the culmination of the four-day pre-Christmas shopping event, which kicked off with Black Friday.
Retailers have been attempting to lure shoppers in with deals for more than two weeks now in an extension of the traditional one-day Black Friday event.
Cyber Monday has also always been a strictly 24-hour event, and online only - rather than in stores and online on Black Friday.
But analysts say the short-lived spree has evolved into a more extended period as consumers learn to track prices and compare deals between retailers in the weeks leading up to Christmas.
Nonetheless, Britons will spend a total of £5.8 billion over the four days between Black Friday and Cyber Monday - an increase of 15% on last year, according to VoucherCodes.co.uk and the Centre for Retail Research (CRR).
Shoppers are expected to spend £1.1 billion online today alone - an increase on the £1 billion spent in 2015.
Some 14 million British shoppers were predicted to go on a £1.97 billion spending spree on Black Friday - setting a new record - with more than half spent on the internet.
Online spending on Black Friday was expected to reach £1 billion, up 16% on last year, while it was anticipated that the majority who opted for the high street would spend a lower total of around £961 million, the CRR said.