Holiday Shopping Soars 18% Over Last Year

CBS Evening News: Despite A Lousy Economy, Millions More Shoppers Kicked Off The Holiday Shopping Season

(CBS)  Despite all the talk of an economic slowdown, the holiday shopping season is off to an "energetic" start, according to a retail survey out tonight, reports CBS News correspondent Randall Pinkston.

The survey says 172 million shoppers visited stores and websites this weekend - up 15 million from last year, and the average shopper spent more than $372, up 7.2 percent from a year ago.

Like an unexpected present under the Christmas tree, retailers received a pleasant surprise from shoppers on this bellwether weekend, Pinkston reports. Despite a national economic slump that's driven consumer spending down to its lowest level in almost 30 years, many Americans put anxiety aside and opened their wallets.

"We're trying to be as smart as we can be with our dollars because it's not getting better any time soon," one shopper told CBS News.

The National Retail Federation reports Americans spent $41 billion over the Thanksgiving holiday, a whopping 18 percent increase over 2007.

"I think there was some pent-up demand from the last month or two," says Robert Guerra of the Simon Property Group.

Guerra, a manager for the largest mall company in America, believes sales are up because of deep discounts.

"That $500 last year this year is worth $800 to $1,000 dollars because of all the terrific bargains we have."

That's exactly what's motivating shoppers in New Jersey.

"The sales prices that were going on, and I had some coupons that were good for this weekend," says one New Jersey shopper.

"But only going on the clearance rack, not going for the full-priced items," she said

"If you look around, if there's a rack that doesn't have a sale sign on it, we know something is probably wrong," says Marilyn Rizzuti, a Sears store manager.

Sears is also enticing customers with credit card deals - no interest payments due until 2010.

"I am seeing that more customers are opening up credit applications, so they're buying with credit a little more," Rizzuti says.

But while consumers are spending, Pinkston reports, they're also holding back.

"Just in case, you never know, just the way things are, there's a lot of layoffs all over the country, we just want to be safe and be careful," says another shopper.

[rrozsa-2009]

to Morphndol4 -- Did they ban you from using your usual ''autumn987'' moniker? Or have you just forgotten your old log-in and password after all those drugs?

[legacyabq]

LOLOLOLOL

This story is funny

[fredflinsto2]

Bush has announced that he will not critique every one of Obama''''s moves. I for one am very thankful for that. Hopefully he will just go away into obscurity and we will never have to hear from him again.

[fredflinsto2]

I can not believe CBS was irresposible enough to actually print this garbage. I guess they are reaching to print anything that will catch the eye. I guess if some idiot told them that they saw Santa Claus on Mars it would make headlines too

[fredflinsto2]

I guess Pinkston has not learned yet that we are not going to put up with the same old lies that CEO and other analysts have been telling for the last 10 years. the reporter who wrote this story needs to be fired for participating in "yellow journalism" as well. Common-sense has finally started to take hold again in this country and we have had enough of the same old BS

[getoffmine1]

wow, all of that shopping must be why the market is tanking again. Say good bye to the record gains of last week

[getoffmine1]

Nope.......................they wanted to blame it on Bush.............................welcome to Nazi America.

Posted by perceptions5 at 10:23 AM : Dec 01, 2008

go to the story:
Meltdown Warnings Ignored, Analysis Shows
Thereis a good reason Bush deserves a lot of the blame.

[perceptions5]

It''s been nearly two years since the Democrats have taken control of our Do Nothing Congress and the economy and this is what the American people are feeling after just TWO YEARS:

"Consumer Confidence Crashes 46% in Last Two Years
Monday, December 01, 2008
Full monthly results for the Rasmussen Consumer Index in November shows the economic confidence of American consumers has fallen to another all-time low at 64.5. That%u2019s down nearly five points from the previous all-time low set just last month and is the sixth record low set in the last nine months.

The economic confidence of consumers has fallen 46% since January 2007. At that time, the Consumer Index was at 118.8 -- 54 points above the current level. "

Of course the liberal fascists in our MSM wolfpack press aren''t singing that tune are they?

Nope.......................they wanted to blame it on Bush.............................welcome to Nazi America.

[getoffmine1]

take consumer advice from this guy folks.....he is so smart he didn''''t spell any words wrong at all in his post..... or did he?

Posted by jamesm12341 at 09:13 AM : Dec 01, 2008

Hey at least I know enough to know that prices will be slashed the second half of December. Hereis an example, Apple I pod Nanos 8GB are selling for $147.00, they produced most of these before the downturn became evident. They''ll be selling for $100.00 to $120.00 by Dec. 20th. They have new models coming out and excess inventory.

[perceptions5]

So much for the "doom and gloom" that the liberal fascists is our MSM wolfpack press along with their Party, the Dems are "trying to push".

Bottom line....................if you have a job and not worried about your 401K then these are the BEST of times because prices are dropping on commodities as the price of oil has gone from $147 barrel to $53 barrel.

That''s translates into a $400 billion + stimulus for the Amerian people.

And it doesn''t cost $1 in extra Federal spending and deficit spending at that.

Soooooooooooo this huge public works project that Obama, the fascists in our press, and the rest of the Dem party are "setting" us up for ...................................doesn''t have to happen.

Balance the Federal budget.....................like you promised in 2006, Dems........