Oct 29, 2009 11:23 pm US/Eastern
Holiday Shopping Forecast Poor In Economic Boost
BALTIMORE (WJZ) ―
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Believe it or not, Christmas is less than two months away. Despite recent good news about the economy, experts predict this holiday won't be so jolly for retailers.
CBS
Believe it or not, Christmas is less than two months away. Despite recent good news about the economy, experts predict this holiday won't be so jolly for retailers.
Kai Jackson reports some stores are going as far as to start Black Friday early.
Even with the gloomy holiday shopping forecast, many retailers remain optimistic. Forecasters expect retailers will be singing a different tune once the shopping season is in full swing -- one that sees fewer shoppers and less money being spent.
"It's pretty sad. It's hard to imagine, you know things in the state that they are," said Patricia Preller, Finksburg. "I think this is the first time that I maybe really, really have to consider my shopping."
New numbers by the National Retail Federation paint the sobering picture.
The organization estimates the average person will spend $682.74 on holiday related shopping. That's a drop of 3.2 percent or $22 from last year.
Baltimore economist Anirban Basu says many believe shopping will be down because people are out of work. He agrees unemployment is only part of the problem.
"Looks like a pretty discouraging time for retailers in general," said Basu.
Melissa Russell is a business owner in Mt. Washington.
"The hair salon's doing pretty well 'cause I feel people still need to get their hair cut. It's definitely not what it use to be," said Russell.
Russell says news that retail sales would be down this year wasn't unexpected, but she's still optimistic.
"It won't be a quick recovery. It will slowly get better and better," she said.
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