News Releases

It's Cyber Monday - Retailers Hope the Forecast for Online Shopping is Bright

TORONTO and CHICAGO, December 1, 2008 – Now that Cyber Monday is here, retailers hope consumers keep on spending following Black Friday's good show.

Traditionally, Black Friday is the Friday after Thanksgiving in the U.S. and marks the beginning of the holiday shopping season. Cyber Monday marks the day consumers return to work after the Thanksgiving holiday and start shopping online. Stats from the National Retail Federation, which outlined shopping activity this past weekend, indicated shoppers spent on average 7 per cent more than a year ago.

Amid an economic downturn, the question remains: is there still hope for a bright holiday shopping season for retailers? BMO Financial Group's market and economic strategists in Canada and the U.S. offer their forecast.

Jack Ablin, Chief Investment Officer, Harris Private Bank
Andy Busch, BMO Capital Markets, Global FX Market Strategist
Sal Guatieri, Senior Economist, BMO Capital Markets

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