Things Are Finally Looking Up for Retailers After a Last-Minute Spending Surge
A jump in consumer spending in the final stretch of December significantly offset a slow start to the U.S. holiday shopping season, and is likely to help many retailers beat sales forecasts, industry research groups said on Tuesday. The December spending boost is in contrast to a muted November, when early holiday promotions and expectations among consumers that deals would always be available took a toll. Spending over the Thanksgiving weekend in November fell 3.5% from a year ago despite a strong jump in online sales, according to the National Retail Federation. “It was a hot start with Cyber Monday, followed by a lull for the last couple of weeks and then a big-bang finish,” said Pete Madden, a director at retail consultancy AlixPartners. Sales data released on Tuesday showed the major shift in fortunes in late December. Read more at Fortune.
