Late Season Surge Helps Retail Sales Gain 3.6% Over Last year
Bloombergreports that data from MasterCard Advisors' SpendingPulse indicates that holiday retail sales climbed 3.6% over 2008's sales. Electronics were up 5.9% compared to the year before.
A jump in purchases the week before Christmas helped year-over-year electronics sales increase 5.9 percent from Nov. 1 to Dec. 24, MasterCard Advisors' SpendingPulse said in a statement. Jewelry and luxury sales also gained, the research firm said.
The increase may signal that revenue at retailers will beat trade groups’ forecasts for the two-month period ending Jan. 2. Shoppers resumed purchasing this season as consumer confidence rebounded from a record low in February.
"We saw a nice little surge toward the end of the season," with the pace picking up Dec. 22, 23 and 24, said Michael McNamara, a vice president for research and analysis at SpendingPulse, in a Bloomberg Television interview today. "Last year, we were in critical condition, this year, in stable."
This is good news if it is confirmed by other holiday retail data. The National Retail Federation (NRF) - which predicted sales would decrease 1% this holiday season - has not yet reported data on holiday sales for 2009.
