Retail Sales Up 14% for Week Ending Dec. 29, Reports ShopperTrak
Thursday, 03 January 2008
ShopperTrak RCT Corporation’s National Retail Sales Estimate (NRSE) yesterday reported that total retail sales for the week ending December 29 increased a healthy 14.0 percent as compared to the same period in 2006 — while the company's Retail Traffic Index (SRTI) reported an equally healthy total US. Foot traffic increase of 6.9 percent for the same period.
Last minute shopping, widespread post-Christmas discounts and gift card redemptions drove consumers to various retail outlets, helping boost both the sales and traffic figure last week. This late retail push puts the holiday season right on track to reach ShopperTrak's predicted 3.6 percent sales increase for the holiday season, details of which ShopperTrak will publish in it's holiday recap on January 9.
On a week-over-week comparison, both sales and traffic posted anticipated decreases as compared to the previous week ending December 22 as this week contained the traditionally strong "Super Saturday" shopping period which accounted for nearly $9.4 billion in retail spending this season.
Additionally, the week-over-decrease shows the effect of one less shopping day last week (Christmas Day) as opposed to the previous week which contained a full seven days as retail sales for the week ending December 29 as compared to the previous week ending December 22 fell 17.7 percent while traffic slipped 7.9 percent.
"Early in the week, on Sunday and Monday, retailers experienced the expected boost provided by procrastinating shoppers who swamped stores for last minute gift buying," said Bill Martin, co-founder of ShopperTrak. "Then, in the days immediately following Christmas consumers flocked to stores to take advantage of post-Christmas sales and to begin redeeming gift cards, which was definitely a welcome sight for retailers this season."
Developed by ShopperTrak, the NRSE provides a nationwide benchmark of retail sales. It is derived from the US Commerce Department's GAFO (general merchandise, apparel, furniture, sporting goods, electronics, hobby, books and other related store sales) statistic, as well as ShopperTrak's proprietary industry intelligence on shopper movement and sales statistics. This gives retailers, investors and policy makers the most accurate and timely information on consumer trends available today.