The Christmas shopping season is reportedly off to a good start ”“ a tiding of good cheer to retailers and those looking for evidence that economic recovery is indeed underway.
The first reports from the malls were that shoppers had filled the parking lots and were spending freely. Retailers won’t report on sales until later this week, but it seems clear that many customers came looking for Black Friday deals, and found them.
Both the Associated Press and the New York Times reported that Friday’s shoppers were splurging on purchases for themselves, as well as buying gifts. By indulging in purchases of cashmere sweaters, iPods and flat-screen TVs, affluent shoppers seem to be showing that they are once again ready to shoulder the task of lifting the economy.
Online sales are also reported to be running high, with both sales and revenue on the rise this season.
The Christmas shopping season was kicked off with heavy advertising and some good deals. In the remaining four weeks, retailers hope to keep the traffic high without the kind of sales they were forced to offer last year.
The big worry is that the discounts used to open the season may have simply created a surge that consumers won’t sustain, leaving retailers with insufficient demand to empty their well-stocked shelves.
On the other hand, continued robust spending would be a sign that confidence is at last making a comeback. Let’s hope that those who can afford it are inclined to continue spending during the next four weeks. If the American consumer is truly ready to open his wallet, perhaps corporate hiring and investment will soon return as well.
— Questions? Comments? Contact Managing Editor Nick Cowenhoven at nickc@journaltribune.com.
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