You didn't read that wrong. Online spending increased by 98% last weekend, compared to last year's last weekend before Christmas.
A winter weather event in the Northeast likely caused the surge, which may have come at the expense of brick and mortar stores. But let's take the good news where we can get it.
Even better news if you look at a historical context is that 2007 was an unusually high spending year compared to the years around it. It kind of bucked the trend. If the growth had been more steady, a lot of the nervousness about the online economy may not exist.
Here are the stats:
Holiday E-Commerce Sales Flat Overall According to Latest comScore Data
Holiday E-Commerce Update: Spending Flat Last Week
Holiday E-Commerce Spending Up 7% Year-Over-Year Last Week
Cyber Monday Spending Up 15% to $846 Million
Online Black Friday Sales Up 1% Over Last Year
Preparing for the Worst: Bad Online Economic Data Just in Time for Black Friday