Holiday Sales Better Than Expected

The first holiday shopping weekend of 2008 wasn’t as bad for retailers as some had predicted.

Market research firm NPD Group predicts that weekend sales were at least even with the same holiday weekend a year ago. Though many stores are already offering up to 75 percent off, the firm expects they may now begin offering two-for-one deals to push inventory.

Stores opened as early as midnight on Thursday, but the early crowds were thinner than last year and fell off throughout the weekend. Those who were buying focused on bargains and less expensive and practical purchases. Research firm ShopperTrak RCT which tracks retail sales, says early figures indicate that sales increased about 3 percent to $10.6 billion from last year’s Black Friday. This holiday shopping season has just 27 days between Black Friday and Christmas, compared with 32 days last year, adding more pressure for retailers to make sales.

Online spending may also take a hit. Internet research company ComScore reports online spending increased just 2 percent for Thanksgiving Day and Friday compared with the same period last year.

Source:
Fox News: Holiday Shopping Season Off to a Modest Start

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