It’s the economy, bitches?

November 25, 2007

I’m not even going to begin to prognosticate total holiday retail sales for this year but (so far) I like seeing the doomsayers be wrong.

Compare this:

Holiday Sales May Be Worst Since ’02 on Forecast Cuts (11/19)

“They felt rich a year ago,” said Kurt Barnard, president of Retail Forecasting LLC in Upper Montclair, New Jersey. “Now they feel put upon. That robs them of a certain freedom to spend what they like.”

to this:

Retailers post robust start to holidays (11/24)

According to ShopperTrak RCT Corp., which tracks sales at more than 50,000 retail outlets, total sales rose 8.3 percent to about $10.3 billion on Friday, the day after Thanksgiving, compared with $9.5 billion on the same day a year ago. ShopperTrak had expected an increase of no more than 4 percent to 5 percent.

“This is a really strong number. … You can’t have a good season unless it starts well,” said Bill Martin, co-founder of ShopperTrak, citing strength across all regions.

I’ll be waiting to see the post holiday numbers (and headlines).

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5 Responses to “It’s the economy, bitches?”

  1. 1795e Says:

    aha i love that pic of those little kids who draws those caz whoever does there sooo fn good

  2. colio2007 Says:

    so with you. the press is absurd. they do whatever they can to justify the eye-grabbing headlines that get attention. most of the writers and prognosticators have NO IDEA what’s going on. financial analysts are a step up from journalists, but much of the time their calls aren’t all that great either.

  3. John in IL Says:

    financial analysts are a step up from journalists

    I’m not so sure about that. If they are so smart, why aren’t they using their knowledge of the future to make their own millions, instead of writing about it (which undoubtedly pays a lot less).

  4. QuakerJono Says:

    There’s an interesting analysis of Black Friday in the NY Times that says, while the gross number was high, it was composed of more shoppers hitting the one and two day sales, but actually spending less per person. What’s more, those shoppers were hitting low-end or discount stores This argues that shoppers are indeed feeling a crunch and scrambling to get the best deals they can. What’ll be really telling is the upcoming weeks. As those sales disappear, if the shoppers go with them, then the disappointing predictions for this Christmas season (and the economy in general) could still come to pass.

    In any event, average shoppers are definitely starting to feel pressure from gas and energy prices and credit woes.

  5. John in IL Says:

    That’s why I’m waiting to see post holiday numbers. How bad (or good) will it be?


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