Dec 17, 2007 5:47 pm US/Pacific
Sluggish Sales In Holiday Home Stretch
Economic Indicators Show Storm Clouds On The Economic Horizon; Shoppers Playing It Frugal
NEW YORK (CBS) ―
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They're trying to offer a carrot to shoppers in a season that's now expected to be the slowest in years.
WBZ
Ringing cash registers and rising sales. That's what retailers had hoped to see this past weekend as the holiday shopping season heads into the home stretch, CBS News correspondent Anthony Mason reports.
"And the reality, if anything, was that we saw a downturn in traffic and lackluster sales," said analyst John Morris. "There's really an icy headwind that a lot of retailers are facing."
Across the country, shoppers will tell you they're being a "little more frugal," said Atlanta shopper Craig Wilson. "Little bit of concern starting to creep in my mind about the economy."
"I just think people aren't spending as much. Things aren't going as well," Macy's shopper Amy Waddell said.
An ominous sign: sales of women's clothing dropped nearly 6 percent so far this holiday season. Women are usually the season's biggest buyers.
The good news: electronics sales are up nearly 6 percent; luxury goods are up more than 10 percent.
But while Internet sales have jumped 18 percent, that's far below the 26 percent surge they had last year.
President Bush today admitted the economy faces challenges.
"There's definitely some storm clouds and concerns. But the underpinning is good. And we'll work our way through this period," he said.
Many shoppers say they're just holding back.
"I'm waiting for the sales!" shopper Chantal Anderson said.
To lure those last-minute shoppers, some stores are literally pulling all-nighters. Macy's will open eight of its New York stores Friday morning and keep them open around the clock for the next four days, right up to Christmas Eve.
They're trying to offer a carrot to shoppers in a season that's now expected to be the slowest in years.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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