Retail Sales Rebound, Beating Forecasts [View All]

[TomCADem]

Source: NY Times

Americans are splurging as though it’s 2007 again.

Shoppers spent more money this holiday season than even before the recession, according to preliminary retail data released on Monday.

After a 6 percent free fall in 2008 and a 4 percent uptick last year, retail spending rose 5.5 percent in the 50 days before Christmas, exceeding even the more optimistic forecasts, according to MasterCard Advisors SpendingPulse, which tracks retail spending.

The rise was seen in just about every retail category. Apparel led the way, with an increase of 11.2 percent. Jewelry was up 8.4 percent, and luxury goods like handbags and expensive department-store clothes increased 6.7 percent. There was even a slight increase in purchases of home furniture, which had four consecutive years of declining sales. The figures include in-store and online sales, and exclude autos.


Read more: http://www.nytimes.com/2010/12/28/business/28shop.html?src=busln

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Well, I guess this is why I could not find any parking at the mall for the first time in three years. Folks were getting a tad aggressive with respect to open parking spaces.