During the recent holiday season, consumers shelled out a considerable amount of money on Cyber Monday, the Monday following Thanksgiving that is typically one of the busiest of the year for online shopping.
According to digital marketing intelligence provider comScore, Cyber Monday spending reached $1.25 billion, a 22 percent rise compared to the year before, making it the biggest online spending day in history.
Gian Fulgoni, chairman of comScore, said many consumers were looking to take advantage of all the discounts that retailers were offering, which made for an historic amount of spending.
"It was just the second billion dollar spending day on record, following on the heels of Cyber Monday 2010," said Fulgoni, adding that 2011 "saw Cyber Monday rank as the heaviest online spending day of the year for the first time ever."
To encourage consumers to buy, retailers often offer low-interest financing on Cyber Monday for more costly items. Consumers are always well-advised to check their credit reports online to check their creditworthiness and to ensure that they'll qualify for discounted rates.