Move over, Black Friday: Many shoppers expect to find better deals on the Monday after Thanksgiving, according to a survey from deal site FatWallet.com.
According to the November survey of 600 consumers, 62% said they expected to find the best deals on Cyber Monday, which got its name seven years ago for the large number of online sales. Seventy-four percent of those surveyed said they shopped online on that day last year.
Indeed, last year Cyber Monday became the single biggest online shopping day on record, with $1.25 billion in sales, according to comScore.
And this year could be bigger. Thirty-three percent of those surveyed by FatWallet said they planned to spend more this year, while 54% said they would spend about the same.
But are consumers right? Are the deals really better on Cyber Monday? Should you hold out and stick to feasting on Thursday, rather than rushing out to the ever earlier Black Friday sales? It depends on whom you ask.
Brad Olson, founder of Gottadeal.com, says Cyber Monday has been a "big flop as far as the quality of deals."
"Sales are high that day because people are back at work and realize they need to start shopping and they see all these sales and so they'll still buy stuff. But I'd say prices on Cyber Monday average 10% more than Black Friday."
Brad Wilson, founder of Bradsdeals.com, agrees that Black Friday has some of the steepest price cuts on individual items.
"Black Friday has some door-buster deals that you won't beat online on Cyber Monday," Wilson says.
But, he says, Cyber Monday offers a broader range of discounts achieved through one-day-only coupon codes that slash 25% to 50% off an entire purchase, he says. Moreover, Cyber Monday prices are more fluid, he says, and can change during the day, based on what retailers' rivals are offering.
If he had to pick one, Wilson says he'd shop Cyber Monday for the sit-at-home convenience and broader discounts, "but it would be close."
Given last year's spectacular Cyber Monday sales performance, some industry watchers expect retailers to pull out bigger bargains for shoppers this year.
"I think we're going to see some of the best deals we've ever seen on Cyber Monday," says Brent Shelton of FatWallet.