Wednesday, December 03, 2014

Give and Take Retail Sales

It will be a few days before we settle out on the figures for Thanksgiving, Black Friday, Wild Weekend, Cyber Monday, and now Giving Tuesday.  Early reports are for modest net gains year over year.  One strong component is new vehicle sales.  Good for the totals but likely to pull from other retail spending.  Cyber Monday sales preliminary +8% which is a big miss for analysts expecting +13% but not for people who weren't impressed by the stuff and prices.

What I expect is a strong falloff in general retail sales over the next several weeks.

Update 2: Black Friday Fatigue? Thanksgiving Weekend Sales Slide 11 Percent
Sales, both in stores and online, from Thanksgiving through the weekend were estimated to have dropped 11 percent, to $50.9 billion, from $57.4 billion last year, according to preliminary survey results released Sunday by the National Retail Federation. Sales fell despite many stores’ opening earlier than ever on Thanksgiving Day.
And though many retailers offered the same aggressive discounts online as they did in their stores, the web failed to attract more shoppers or spending over the four-day holiday weekend than it did last year, the group said. The average person who shopped over the weekend spent $159.55 at online retailers, down 10.2 percent from last year.

Update 1: CNBC talking heads in CYA mode.

Analysts casted doubt Monday about a widely watched shopping poll that indicated Black Friday weekend sales fell 11 percent from last year.
"I don't believe any way whatsoever sales were down 11 percent over the weekend," Gerald Storch, CEO of Storch Advisors, told CNBC. "That number is a bad outlier."
The projection came from a survey by Prosper Insights & Analytics for the National Retail Federation. The survey of shoppers reported that total spending in stores and online for the weekend through Sunday fell to $50.9 billion from $57.4 billion last year. It also indicated the average person spent $159.55 online, down 10 percent from last year.
 Gotta love it.  "Casted."


Jim the Realtor said...

I'm going to believe that sales were down just because Larry Storch doesn't.

That Camaro sucks - can you stick to the cheesecake?

Rob Dawg said...

Of course it sucks. That was the point. Probably drives as well as the economy.

LBD said...

In the old days of hot rodding the saying was "If it don't go chrome it." With print all you want, I guess we use gold now.