Holiday sales fell for third consecutive week

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NEW YORK — After a strong start to the holiday shopping season, sales at stores have fallen for the third consecutive week as Americans continue to hold back on spending during what is traditionally the busiest buying period of the year.

Sales at U.S. stores dropped 3.1 percent to $42.7 billion for the week that ended on Sunday compared with the same week last year, according to ShopperTrak, which tracks data at 40,000 locations. That follows a decline of 2.9 percent and 0.8 percent during the first and second weeks of the month, respectively.

The numbers, which don’t include online sales, are another challenge in what has largely been a disappointing holiday shopping season for stores. The two-month period that begins on Nov. 1 is important for retailers because they can make up to 40 percent of their annual sales during that time.

Retailers started the season cautiously optimistic. But after a strong start through most of November– ShopperTrak said sales were up 3.4 percent for the month – retailers have found it increasingly hard to attract shoppers into stores despite big discounts and expanded hours during the final days.

“It’s been a mediocre December,” said Bill Martin, co-founder of ShopperTrak.

Karen McDonald, a spokeswoman at Taubman Centers, which owns or operates 28 malls, estimated that business for the week that ended Sunday unchanged to up mid-single digit percentage compared with a year ago.

“I felt for sure it was going to be gangbusters. But it was just OK,” McDonald said.

Shoppertrak estimates that holiday sales at stores so far are up 2 percent to $218.4 billion compared with the same period last year. That’s below the 2.4 percent forecast for the two-month period, but the company is standing by that estimate with a little over a week before the season end.

The National Retail Federation, the nation’s largest retail group, also said it’s still standing by its forecast that sales in stores and online combined will be up 3.9 percent to $602.1 billion. Final sales figures for the holiday shopping season are expected in January.

But even online sales, which had been a bright spot for much of the season, aren’t growing at the expected pace.

Online spending from home and work desktop computers in the U.S. from Nov. 1 through Dec. 15 was up 9 percent from the same period last year to $37.8 billion, according to the most available data from comScore.

That’s below the 14 percent growth the Internet research firm is forecasting for the season. But comScore still expects online sales to grow at the pace for the season, but the category only accounts for about 11 percent of spending in the three months that include the holiday shopping season.

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jimmymac
48076
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jimmymac 12/24/13 - 10:25 am
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SHOPPING
Unpublished

It's time to get back to the reason for the season. The retailers stated the Christmas shopping season before Halloween trying to entice shoppers into their stores. It would be wonderful if the country would get back to having a more simpler Christmas devoid of all the commercialism that has buried the true meaning of the season. The birth of Christ!

scoobynews
3896
Points
scoobynews 12/25/13 - 05:23 am
0
0
That's because the working

That's because the working people don't have the money to spare. I barely make enough to pay bills every month. Had I not started shopping back in the summer we would have had a very bleak holiday.

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