Holiday retail sales fall 4 pct in US

Bloomberg

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Spending was the lowest since MasterCard Advisors started tracking data in 2002 to provide the SpendingPulse service, said Michael McNamara, vice president of research and analysis, in an interview Thursday. He estimates sales, excluding autos and gasoline, fell 2 percent to 4 percent from Nov. 1 to Dec. 24.

"Overall this has been one of the most challenging holiday seasons on record," McNamara said.

Consumers facing a recession, tightening credit and the highest unemployment rate in 15 years shortened their gift lists and spent less. Retailers including Macy’s and AnnTaylor Stores responded by increasing markdowns, which stand to hurt profit margins in what may be the weakest holiday spending season in four decades.

The SpendingPulse figures follow forecasts of falling sales from industry groups. Sales at stores open at least a year may drop as much as 2 percent in November and December, the International Council of Shopping Centers said on Dec. 23.

MasterCard data
The SpendingPulse data service calculates its sales estimates based on MasterCard network transactions and adjusts for cash, checks and other payment forms. MasterCard is the world’s second-biggest credit-card company.

From Nov. 1 through Dec. 24, women’s clothing sales dropped 23 percent and men’s fell 14 percent, according to SpendingPulse.

Combined electronics and appliance sales tumbled 27 percent, with purchases over $1,000 suffering the most, according to SpendingPulse data. Luxury sales, including jewelry, plunged 35 percent, the data showed.

Purchases over the Internet fared better, with a 2.3 percent decline. E-commerce may have been helped by inclement weather at the end of the holiday shopping season, McNamara said. Historically Web sales have posted 15 percent to 20 percent year-over-year sales gains.