Online spending has record week as holiday shopping peaks

Online retailers logged some $7bn in sales last week in what analysts says is the best ever seven day shopping period.

Research firm Comccore said that customers pumped record revenues into online shopping as spending remains on pace to smash previous marks. The company estimates that spending is now track to hit $35bn, up by 13 per cent over the 2011 season.

Thus far the company has logged four separate days in which total spending has been above $1bn, lead by 17 December, which cashed in $1.25bn.

Analysts say that the week's volume was increased in part by special offers and shipping discounts being offered by retail sites and services.

"This current week, which kicked off with Free Shipping Day on Monday the 17th, will be critical in making up some ground on a season-to-date growth rate that remains below initial expectations at 13 percent following a prolonged post-Cyber Monday lull," said Comscore chairman Gian Fulgoni.

"With many retailers extending their free shipping offers into Tuesday and Wednesday of this week, we just may see the sort of late-season jolt needed to push growth rates back into the mid-teens.”

The company noted that sales are up across the board in comparison to 2011 returns. Comscore estimates that Thanksgiving saw a 32 per cent jump on the year, while Black Friday brought a 28 per cent increase and Cyber Monday sales were up 17 per cent over 2011.