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Holiday Sales in U.S. Fell as Much as 4%, SpendingPulse Says

Posted By admin On December 26, 2008 @ 6:45 am In Money Watch | Comments Disabled

Heather Burke
Bloomberg [1]
Friday, Dec 26, 2008

U.S. retail sales fell as much as 4 percent this holiday season as consumers limited purchases to necessities and cut back on clothing, electronics and jewelry, according to SpendingPulse.

Spending figures are the lowest since MasterCard Advisors started tracking data in 2002 to provide the SpendingPulse service, said Michael McNamara, vice president of research and analysis. He estimates sales, excluding autos and gasoline, fell 2 percent to 4 percent from Nov. 1 through yesterday.

Consumers facing a recession, tightening credit and the highest unemployment rate in 15 years shortened their gift lists and spent less. Retailers including Macy’s Inc. and AnnTaylor Stores Corp. responded by increasing markdowns, which stand to hurt profit margins in what may be the weakest holiday season in four decades.

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“Overall this has been one of the most challenging holiday seasons on record,” McNamara said today in an interview.

The SpendingPulse figures follow forecasts of falling sales from other industry groups. Sales at stores open at least a year may drop as much as 2 percent in November and December, the International Council of Shopping Centers said on Dec. 23, more than the previously projected 1 percent decline.

Apparel, Luxury

From Nov. 1 through Dec. 24, women’s clothing sales dropped 23 percent and men’s fell 14 percent, according to SpendingPulse.

Full article here [1]


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URLs in this post:

[1] Bloomberg : http://www.bloomberg.com/apps/news?pid=20601087&sid=a8wiuPS_mbs8&refer=home

[2] U.S. retailers see holiday sales weakest since 2008: http://www.prisonplanet.com/u-s-retailers-see-holiday-sales-weakest-since-2008.html

[3] Holiday Sales Slump to Force U.S. Store Closings, Bankruptcies: http://www.prisonplanet.com/holiday-sales-slump-to-force-us-store-closings-bankruptcies.html

[4] December Retail Sales Drop .3 Percent, 2009 Sales See Biggest Drop In 27 Years: http://www.prisonplanet.com/december-retail-sales-drop-3-percent-2009-sales-see-biggest-drop-in-27-years.html

[5] One Third Of Americans Already Done With All Holiday Shopping: http://www.prisonplanet.com/one-third-of-americans-already-done-with-all-holiday-shopping.html

[6] Retail sales see longest decline in 16 years: http://www.prisonplanet.com/retail-sales-see-longest-decline-in-16-years.html

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