BMO Financial Group

BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

November 26, 2010 10:31 ET

BMO Report: Businesses Prepare for Online Shopping Rush Ahead of Cyber Monday

- BMO Survey Shows 41 Per Cent of Canadians Planning to Shop Online for Holiday Gifts

- Male Shoppers Are 15 Per Cent More Likely to Buy Gifts Online Than Females

TORONTO, ONTARIO--(Marketwire - Nov. 26, 2010) - With Cyber Monday around the corner, businesses are gearing-up for an influx of consumers going online for a fast and easy way to check- off their holiday gift list. Cyber Monday refers to the Monday following American Thanksgiving, which has become the busiest online shopping day of the year.

Ahead of the online shopping rush, a new BMO survey conducted by Leger Marketing found that 41 per cent of consumers will be logging on to do their holiday gift shopping this year.

"With almost half of all Canadians now doing at least some of their holiday shopping online, and domestic retailers increasingly shadowing U.S. promotional trends, there is the potential for very significant activity on Cyber Monday," said Douglas Porter, Deputy Chief Economist, BMO Capital Markets. "While this is a relatively new concept for Canadian shoppers, it certainly could become an important date on the domestic retail calendar."

The survey also found:

  • Nearly half of male respondents (49 per cent) plan to use the internet to buy a gift compared to only one-third of females (34 per cent).
  • Those in the Prairies are most likely to be shopping online this holiday season (47 per cent), followed by those in Ontario and British Columbia (46 per cent both).
  • Those in Quebec are the least likely to log-on, with only 27 per cent planning to buy gifts online.
  • 20 per cent will rely on social media to decide where to shop over the holidays.

"With approximately 80 per cent of Canadians online, retailers are increasingly providing incentives and easy access for shoppers who want the added convenience of making a purchase online," said Cathy Pin, Vice-President, BMO Commercial Banking. "While big box stores and boutique outlets are still popular shopping destinations, businesses can make the most of the holiday spending season by ramping-up their online presence and appealing to this growing consumer base."

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