Holiday Sales: Just How Bad?
Somewhere, the Grinch is smiling. This holiday shopping season—specifically, the combined months of November and December—will likely produce worse year-over-year retail sales and consumer spending figures than the ugly 1991 season, with projected declines that lie in striking distance of prior 1980 and 1974 lows. Falling gasoline prices, which may allow consumers to divert money to other purchases, may provide some cushion to Christmas retailers, but likely not enough to keep this from being the ugliest sales season in decades.
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