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Strong Christmas shopping revenue may signal U.S. economy regaining footing

Chris Palmer of Topsham, Maine, has his arms full carrying his 10-month-old son, Jameson, and some last-minute Christmas gifts he bought at L.L. Bean in Freeport, Maine, on Wednesday.

Associated Press

Chris Palmer of Topsham, Maine, has his arms full carrying his 10-month-old son, Jameson, and some last-minute Christmas gifts he bought at L.L. Bean in Freeport, Maine, on Wednesday.

NEW YORK — Holiday shoppers are racing to the end of the season at a more feverish pace this year, with retail revenue up 5.5 percent during the last weekend before Christmas.

The figure, released by ShopperTrak on Wednesday, is a drastic improvement from the same weekend last year, when revenue dropped 6.2 percent because a big East Coast snowstorm closed malls and kept shoppers at home.

This year's improvement is especially encouraging for retailers, for whom a big weekend all but sealed a shopping season of healthy revenue gains.

ShopperTrak reported shoppers spent $18.83 billion Dec. 17-19. That includes $7.58 billion spent on what retailers call "Super Saturday" — the Saturday before Christmas. The number of shoppers rose 3 percent over the weekend before Christmas last year.

ShopperTrak expects retail spending to rise 4 percent for the holiday season. It fell 0.4 percent during the 2009 season. Anything over 4 percent is considered a healthy gain.

The final days leading up to Christmas are important for retailers. Some do a third of their annual business during the season. ShopperTrak estimates that the 10 days before Christmas usually make up 31 to 34 percent of holiday-season retail revenue.

Thomson Reuters reported that traffic at malls was higher on Super Saturday than a year ago.

But ShopperTrak anticipates Thursday will likely edge out Super Saturday to become the second-biggest sales day this season behind Black Friday, as last-minute shoppers scramble to pick up gifts. Black Friday sales were $10.69 billion, according to ShopperTrak.

Recent data from MasterCard Advisors' SpendingPulse, which tracks spending across all transactions including cash, shows Americans were spending more on clothing, luxury goods and even furniture during the period from Oct. 31 through Saturday.

Online spending has also been strong. As of Friday, shoppers have spent $27.46 billion online since Nov. 1, up 12 percent from a year ago, according to research firm comScore Inc.

Improved spending also is a sign that the economy may be regaining its footing.

The Commerce Department reported earlier this month that November retail sales rose 0.8 percent, marking the fifth straight monthly gain. Department stores led the way with a 2.8 percent gain, the biggest for this category since a 3 percent increase in November 2008.

$18.83 billion

Amount spent Dec. 17-19, according

to ShopperTrak, up 5.5 percent from

the weekend before Christmas last year.

4 percent

ShopperTrak's expected rise in retail

spending this holiday season, compared

with a 0.4 percent decline in 2009.

$27.46 billion

Amount spent online from Nov. 1 through Friday, up 12 percent compared to the same period a year ago, according to comScore.

Strong Christmas shopping revenue may signal U.S. economy regaining footing 12/22/10 [Last modified: Monday, November 7, 2011 1:43pm]
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