×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: US | Retail | Sales | Christmas

U.S. Retail Sales Rise 4.5% Week Before Christmas, ICSC Says

Wednesday, 28 December 2011 09:33 AM EST

Sales at U.S. retailers rose 4.5 percent last week from a year earlier, as shoppers snapped up last minute purchases for Christmas and took advantage of some chains extending hours.

Sales for the week ending Dec. 24 increased 0.9 percent from the previous week, according to a chain-store sales index released today by New York-based International Council of Shopping Centers and Goldman Sachs Group Inc. That compared with a 3.4 percent gain a week earlier.

Retailers benefited from Christmas Eve falling on a Saturday, with Family Dollar Stores Inc., Toys “R” Us Inc. and Macy’s Inc. among chains extending hours to lure bargain-hunting shoppers. Unemployment at its lowest in more than two years and falling gasoline prices boosted consumer confidence to an eight- month high in December, prompting households to seek discounts during the holiday season.

“Holiday shopping went down to the wire as consumers took advantage of the full shopping week ahead of Christmas Day, which fell on a Sunday this year,” Michael Niemira, ICSC’s chief economist, said in the statement. Gift-card redemption in coming weeks “could be stronger than in recent years,” he said.

The ICSC reiterated its forecast for December comparable- store sales to rise 3.5 percent to 4 percent.

© Copyright 2023 Bloomberg News. All rights reserved.


Economy
Sales at U.S. retailers rose 4.5 percent last week from a year earlier, as shoppers snapped up last minute purchases for Christmas and took advantage of some chains extending hours.Sales for the week ending Dec. 24 increased 0.9 percent from the previous week, according to...
US,Retail,Sales,Christmas
203
2011-33-28
Wednesday, 28 December 2011 09:33 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved