The Ottumwa Courier

AP National

December 2, 2013

Record crowds over weekend, but spending declined

NEW YORK (AP) — Retailers got Americans into stores during the start to the holiday shopping season. Now, they'll need to figure out how to get them to actually shop.

Target, Macy's and other retailers offered holiday discounts in early November and opened stores on Thanksgiving Day. It was an effort to attract shoppers before Black Friday, the day after Thanksgiving that traditionally kicks off the holiday shopping season.

Those tactics drew bigger crowds during the four-day Thanksgiving weekend, but failed to motivate Americans to spend.

"The economy spoke loud and clear over the past few days," said Brian Sozzi, CEO and chief equities strategist at Belus Capital Advisors. "We are going to see an increase in markdowns."

A record 141 million people were expected to shop in stores and online over the four-day period that ended on Sunday, up from last year's 137 million, according to the results of a survey of nearly 4,500 shoppers conducted for The National Retail Federation.

But total spending was expected to fall for the first time ever since the trade group began tracking it in 2006, according to the survey that was released on Sunday afternoon. Over the four days, spending fell an estimated 2.9 percent to $57.4 billion.

Shoppers, on average, were expected to spend $407.02 during the four days, down 3.9 percent from last year. That would be the first decline since the 2009 holiday shopping season when the economy was just coming out of the recession.

The survey underscores the challenges stores have faced since the recession began in late 2007. Retailers had to offer deeper discounts to get people to shop during the downturn, but Americans still expect those "70 percent off" signs now during the recovery.

And stores may have only exacerbated that expectation this year. By offering bargains earlier in the season, it seems they've created a vicious cycle in which they'll need to constantly offer bigger sales. Shoppers who took advantage of "holiday" deals before Thanksgiving may have deal fatigue and are cautious about buying anything else unless it's heavily discounted.

Text Only
AP National
  • Senate likely to come up short on border bill WASHINGTON (AP) — A bill to deal with the immigration surge at the border appears headed for procedural defeat in the Senate as lawmakers trade blame over their inaction on the crisis. Days ahead of Congress' five-week summer recess, Senate Democrats

    July 30, 2014

  • House set to take up $17B VA overhaul bill WASHINGTON (AP) — With a new Veterans Affairs secretary in place and an August recess looming, Congress is likely to move quickly to approve a compromise bill to refurbish the VA and improve veterans' health care. The House could vote on the $17 bill

    July 30, 2014

  • Trafficking bust reveals worries over missing kids WASHINGTON (AP) — When FBI agents and police officers fanned out across the country last month in a weeklong effort to rescue child sex trafficking victims, they pulled minors as young as 11 from hotel rooms, truck stops and homes. Among the 168 juve

    July 30, 2014

  • The man responsible for Hilton's grand turnaround McLEAN, Va. (AP) — Nearly every weekend, Chris Nassetta is cooking in his family's oversized kitchen, outfitted with two commercial-grade refrigerators, three sinks and a deep fryer. These aren't small meals. Between his wife, six daughters, friends,

    July 30, 2014

  • What's a group selfie? Usie (pronounced uss-ee) NEW YORK (AP) — What do you call a group selfie? An usie, of course! As in "us." Pronounced uss-ee, rhymes with fussy. "Usies are a growing trend that I think have far more social value than selfies," said Michal Ann Strahilevitz, a professor of mark

    July 30, 2014

  • With Israel at war, US lawmakers give full support WASHINGTON (AP) — As the war in Gaza escalates, U.S. lawmakers are pressing the Obama administration to take no action that puts pressure on Israel to halt its military campaign against Hamas. Many even have criticized the administration's effort to

    July 29, 2014

  • Abuse suspect dead; two marshals, NY policeman hurt NEW YORK (AP) — A California man who skipped town after being accused of molesting a boy was killed and three law enforcement officers trying to arrest him were wounded in a daytime shootout inside a small smoke shop in one of New York's most bustlin

    July 29, 2014

  • Study: 35 percent in US facing debt collectors WASHINGTON (AP) — More than 35 percent of Americans have debts and unpaid bills that have been reported to collection agencies, according to a study released Tuesday by the Urban Institute. These consumers fall behind on credit cards or hospital bill

    July 29, 2014

  • Despite good news, benefit programs face problems WASHINGTON (AP) — Despite some good news, Medicare and Social Security still face long-term financial problems as millions of baby boomers reach retirement. Social Security's disability program is already in crisis as it edges toward the brink of ins

    July 29, 2014

  • 10 Things to Know for Today Your daily look at late-breaking news, upcoming events and the stories that will be talked about today: 1. ISRAEL-HAMAS WAR ENTERS FOURTH WEEK — DURATION, DEATHS MATCH FIRST CONFLICT Heaviest bombardment in Gaza yet as Israeli aircraft, tanks and nav

    July 29, 2014

Obituaries
Record
Facebook
AP National