WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
The week leading up to Christmas Day 2010 proved to be filled with
holiday cheer for retailers that posted their third week of positive
sales results as consumers rushed to finish their shopping. For the
week ending December 25, retail sales rose by 1.0 percent from the prior
week, according to the ICSC-Goldman Sachs Weekly Chain Store Sales
Index. In addition, retail sales, on a year-over-year basis,
strengthened to their strongest rate since April 24, 2010 and increased
by 4.8 percent.
“Consumers hurried to complete their last minute holiday-gift
buying ahead of Christmas Day as many workers had additional shopping
time on Christmas Eve, which was a federal holiday for many since
Christmas Day fell on a Saturday,” said Michael Niemira, ICSC vice
president of research and chief economist. “That last-minute holiday
spending lift was aided by consumers who had more money as a result of
the improving economy, more time as a result of the Friday holiday and
more holiday-season excitement than in many years,” Niemira added.
For December ICSC Research expects industry sales will increase by
approximately 3.5 percent (with a bias on the stronger side) and ICSC’s
November-December holiday-season sales forecast is trending
approximately at 4.0 percent (or slightly above) and slated to the
strongest since at least 2006.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
