U.S. Holiday Shoppers Spent Cautiously
Wednesday, December 26th, 2012 -- 10:30 AM
U.S. shoppers spent cautiously this holiday season, a disappointment for retailers who slashed prices to lure people into stores and now must hope for a post-Christmas burst of spending.Sales of electronics, clothing, jewelry and home goods in the two months before Christmas increased 0.7 percent compared with last year. That was below the healthy 3 to 4 percent growth that analysts had expected - and it was the worst year-over-year performance since 2008.
Retailers still have time to make up lost ground. The final week of December accounts for about 15 percent of the month's sales.
Holiday sales are a crucial indicator of the economy's strength. November and December account for up to 40 percent of annual sales for many retailers.
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