ëCyber Mondayí sees millions spent online…. but many risk Christmas debt

The Amazon UK website sold more than three million items last Monday, making it the busiest day ever for the retail giant.

The first Monday of December is now being dubbed as ëCyber Mondayí, regularly being the biggest day of business for internet shoppers who are doubtful of the UKís postal service abilities.

The Christmas rush is well underway with shoppers taking to the internet in their thousands. The websiteís biggest seller was its own Kindle e-reader, which costs £89. The British arm of the company beat last yearís ëCyber Mondayí record, when they sold 2.3 million items.

Speaking to This is Money, Christopher North, Managing Director of Amazon.co.uk, said; ìThis year, Cyber Monday saw the most items ever ordered in a single day with Kindle being the stand-out product.î

Christmas sales online are expected to increase by 15% this year. totaling £7.75 billion in sales.

Christmas shoppers also hit the high street last weekend as retailers have slashed prices to lure bargain hunters. More than 1.5 million shoppers went to Londonís West End and spent a massive £180 million on Saturday, according to the New West End Company research. Many large chains are starting ëpanic salesí before Boxing Day.

Richard Dickinson, Chief Executive of the New West End Company, said “It’s a real shoppers market out there with stores offering discounts of up to 50% and the tactic is working with £20m going through the tills in the first three hours of Saturday’s trading.”

Christmas debt

Brits may be heading online and in store to find the best Christmas bargains, however, millions still risk overspending and falling into debt. The latest research from a price comparison website found that 20% of the nation will be pushed into the red this year.

Festive spending has led 69% of people to put Christmas on credit and a further 23% of people to use their overdraft. Almost 10% of people are expected to take out a personal loan to tide them over.

If you are concerned about your levels of spending this year, you could seek out debt advice with Money Expert.

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