US holiday sales disappoint even in online world
Friday, 28 December 2007
NEW YORK, Dec 27 (AFP): Despite the last-minute shopping frenzy, holiday retail sales were sluggish as the American consumer spent less than expected while Internet shopping slowed down.
Many shoppers waited until the last moment to buy gifts for Christmas, as only 18 per cent of Americans had finished their holiday shopping in mid-December, according to the International Council of Shopping Centers (ICSC).
Weekly chain store sales rose 2.8 per cent in the week ending December 22, according to ICSC and UBS Securities.
But sales rose a disappointing 3.6 per cent between the late November US holiday of Thanksgiving and Christmas, according to MasterCard Advisors. Clothing sales went up 1.4 per cent while electronics went up 2.7 per cent.
And Internet sales slowed down to 22.4 per cent.
"Excluding just the gas purchases, holiday sales rose a lackluster 2.4 per cent," said Barry Ritholtz, chief analyst at Ritholz Research.
Many shoppers waited until the last moment to buy gifts for Christmas, as only 18 per cent of Americans had finished their holiday shopping in mid-December, according to the International Council of Shopping Centers (ICSC).
Weekly chain store sales rose 2.8 per cent in the week ending December 22, according to ICSC and UBS Securities.
But sales rose a disappointing 3.6 per cent between the late November US holiday of Thanksgiving and Christmas, according to MasterCard Advisors. Clothing sales went up 1.4 per cent while electronics went up 2.7 per cent.
And Internet sales slowed down to 22.4 per cent.
"Excluding just the gas purchases, holiday sales rose a lackluster 2.4 per cent," said Barry Ritholtz, chief analyst at Ritholz Research.