From the National Retail Federation’s press release on shopping over the Thanksgiving holiday:
Early holiday promotions, the continued growth of online shopping, and an improving economy changed the way millions of people approached the biggest shopping weekend of the year. According to NRF’s Thanksgiving Weekend Spending Survey conducted by Prosper Insights & Analytics, 55.1 percent of holiday shoppers were or will be in stores and online over Thanksgiving weekend, down from 58.7 percent last year. Overall shopper traffic from Thanksgiving Day through Sunday, November 30 dropped 5.2 percent from 2013 (133.7 million unique holiday shoppers versus 141.1 million in 2013). Total shopping, including multiple trips by the same shopper, was also down this weekend (233.3 million versus 248.6 million). This is the 11th survey NRF has released in partnership with Prosper
“A strengthening economy that changes consumers’ reliance on deep discounts, a highly competitive environment, early promotions and the ability to shop 24/7 online all contributed to the shift witnessed this weekend,” said NRF President and CEO Matthew Shay. “We are excited to be witnessing an evolutionary change in holiday shopping by both consumers and retailers, and expect this trend to continue in the years ahead.”
According to the survey the average person who shopped or will shop the holiday weekend will spend $380.95, down 6.4 percent from $407.02 last year. Total spending is expected to reach $50.9 billion, down from last year’s estimated $57.4 billion. Additionally, more than three-quarters (77.2%) say they took advantage of retailers’ online and in-store promotions to buy non-gift items for themselves or their family, similar to last year’s 76.4 percent.
As an exercise in spin, this is masterful. Fewer shoppers, making fewer trips to the malls, and spending less, somehow indicates a strengthening economy. It is quite an “evolutionary change” indeed if consumers flush with funds from that better economy have decided to spend less on Christmas. Those of us with an old-fashioned take on economics might conclude that reduced sales indicate consumers are less confident about the economy, but what do we know?
Reblogged this on Eatgrueldog and commented:
Comrades! The best news in years! Holiday shopping slump shows that Dear Leaders economic policies have worked ! Seriously… Check this one out from straight line logic.