Cyber Monday shoppers 'spend £222,222 per minute'

A combination of pay day for the majority of consumers falling on the last Friday of the month and a weekend spent browsing the shops results in shoppers logging on to buy their gifts online on the subsequent Monday, a Visa Europe report has found.

All of these factors will result in consumers spending £222,222 per minute, making 4,722 transactions every 60 seconds.

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'Busiest' online shopping day

Online retailers are braced for their busiest day of the year as consumers take part in the annual pre-Christmas shopping spree dubbed Cyber Monday.