Dec 1, 2008 5:48 pm US/Eastern
Predictions Of Poor Shopping Season Aren't True
TOWSON, Md. (WJZ) ―
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Predictions of a poor shopping season are proving not to be true. In fact, spending is up.
Predictions of a poor shopping season are proving not to be true. In fact, spending is up.
Mike Schuh has the story.
This weekend, on average, shoppers spent $372 per person, about $25 more than they did last year. This season, those who sell us stuff online got together in a huge promotion called Cyber Monday.
The three words keeping retail alive are discount, deal and sale.
"We did great considering the economy," said Charles Crerand, the general manager at the Towson Town Center.
To the amazement of many, shoppers across the country upped their spending by seven percent statewide.
"Both Friday and Saturday were good, better than expected. Sunday was a bit of a letdown. The real test will be how well this holds up over the next few weeks," said Tom Saquella with the Maryland Retailers Association.
"It's all about a sale, all about the deepest discount," said Chandra Allen.
You might just consider the terms "Black Friday" and "Cyber Monday" marketing, and you'd be right.
"It's just a marketing gimmick," said Barry Bloom.
But it's working.
It's estimated shoppers will have spent $733 million online Monday, about the same as last year.
Online has become a way of life, but the e-tailers are trying harder for their business: 84% are having promotions Monday and Tuesday. Most are offering discounts and free shipping.
Experts say if online sales are soft, expect the discounts and the free shipping to continue.
Traditionally, retailers break even the rest of the year, only to make their profits during the holiday season.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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