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It also could reflect just a shift as more buy from the internet on mastercard. I thnik its very likely.Bascilly it means that more used their master card.
While I'm not jumping for joy over this I do see it as good news.
If compared to last year then it is good news but rememer 2008 was dismal with spending dropping 50% from the previous year.
Not getting worse is good news. To me it means we're not in the death spiral anymore but we are still far from recovering. This "could" be the new norm.
This study is from November so it's projection based for 2009 but it does show the previous years in holiday spending. Our best year ever was in 2001.
It also could reflect just a shift as more buy from the internet on mastercard. I thnik its very likely.Bascilly it means that more used their master card.
Actually I found something on SpendingPulse. They include all forms of payment and that includes cash and checks. They are not a MasterCard only tracker.
"SpendingPulse(TM) Data Source: A macro-economic indicator, SpendingPulse reports on national retail and service sales and is based on aggregate sales activity in the MasterCard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check."
Actually polled shoppers are saying they are NOT finding prices slashed as much as they expected - but apparently they are buying anyway. The result is that if sales are really up, then retail profits will likely be UP not DOWN.
Retailers won't have their numbers til January though. These numbers are not from the retailers.
My wife went to the stores after Christmas, but the shelves were empty. Last year the retailers made the mistake of ordering too much, and this time they didn't order enough. Maybe they'll get it right next year.
True but this is because stores are not swamped with inventory as they were last year.
Stores are benefitting from BOTH sides - they managed their inventory better so they are not reduced to slash and burn tactics to unload it AND consumers are buying more (not a whole lot more admittedly, but apparently more none-the-less). This combination is likely to lead to pretty good bottom lines for the retailers - AND indicates a lot less fear (and a bit more confidence) among consumers. As I've been saying for weeks now, this diminishing fear among consumers is really the last piece needed for the recovery to really take hold. If these early projections hold up then it bodes pretty well for the recovery - especially with job cuts winding down and hiring likely to resume in the spring.
My wife went to the stores after Christmas, but the shelves were empty. Last year the retailers made the mistake of ordering too much, and this time they didn't order enough. Maybe they'll get it right next year.
Stores are benefitting from BOTH sides - they managed their inventory better so they are not reduced to slash and burn tactics to unload it AND consumers are buying more (not a whole lot more admittedly, but apparently more none-the-less). This combination is likely to lead to pretty good bottom lines for the retailers - AND indicates a lot less fear (and a bit more confidence) among consumers. As I've been saying for weeks now, this diminishing fear among consumers is really the last piece needed for the recovery to really take hold. If these early projections hold up then it bodes pretty well for the recovery - especially with job cuts winding down and hiring likely to resume in the spring.
All in all, pretty good news.
Ken
The trend should continue as long as the hiring picks up. It will be slow but hopefully steady. I find nothing wrong with that either.
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