Holiday Shoppers Treated Themselves During Gift Buying Driving Sales Best Since 2006

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Holiday Shoppers Spent Merrily In December

by The Associated Press

January 5, 2011

Americans spent more on clothes, shoes, luxury goods and electronics in December than a year earlier, extending retail sales momentum that had been building since August, according to data released Wednesday.

Figures released by MasterCard Advisors' SpendingPulse, which tracks spending in all forms including cash, show consumers treated themselves to new clothes and shoes while they shopped for gifts during the most important period of the year for retailers.

Jewelry sparkled, and online sales soared. Even home furnishings and furniture 9 — pummeled by the housing market slump — eked out a small increase for the period from Nov. 28 through Saturday. Meanwhile, electronics sales, hurt by aggressive discounting of televisions, rose only slightly.

Analysts are forecasting that holiday sales, which usually produce about 40 percent of retailers' annual profit, rose faster than in any year since 2006.

The blizzard that buried the Northeast the day after Christmas dampened sales that Sunday, which accounted for about 2.5 percent of the month's sales. But the storm didn't have a major impact on overall sales, according to SpendingPulse. And figures from the International Council of Shopping Centers show sales for last week rose 3.6 percent from a year earlier, suggesting stores made up lost sales at the end of the week.
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