December 1, 2008 Retailers step up online deals for 'Cyber Monday' Play video

(NECN: Peter Howe, Boston, Mass.) - The economy has many retailers very worried about how this year's holiday shopping season will turn out. Today, many are trying to spark sales by offering great deals online.

Retailers who saw Thanksgiving holiday sales drop off as the weekend progressed stepped up online promotions on the day known as "Cyber Monday" to try to get consumers tired of the crowds at stores to keep shopping.

The Monday after Thanksgiving was dubbed "Cyber Monday" by the National Retail Federation trade group in 2005 to describe the unofficial kickoff to the online retail season - when customers shopped at their desks as they returned to work.

The NRF optimistically predicts that overall holiday spending will rise 2.2% from a year ago, which would be the slowest growth since 2002.

*Material from the Associated Press used in this report*