August 13, 2010 8:40 PM
- Text
Back-to-School Shoppers Boost Retail Sales
There's one guaranteed way to save money this back-to-school season: don't buy anything.
But retailers are offering another alternative: good deals.
"Retailers have to come out there be heavily promotional," says Scott Krugman of the National Retail Federation, "come out there with a lot of deep discounts to entice consumers to come back to stores."
Families are spending about $60 more getting ready for school than they did last year, reports CBS News national correspondent Jim Axelrod
But so far early back-to-school spending has not been enough to drive retail as a whole forward. If you want to see one of the healthiest parts of the entire retail sector, you've got to get out of the store entirely - and head to your computer.
Out of the 13 categories that make up the retail sector, just four show growth in the last year: car sales and parts, up 1.6 percent; gas station sales, up 2.3 percent; restaurant and bar sales, up .2 percent - and internet retail sales, which increased by .2 percent.
"It's almost cool to be value conscious these days," Loren Bendele, CEO of Savings.com told CBS News. "No one wants to waste money."
Bendele's company, Savings.com, provides online coupons for shoppers like Mindi Cherry.
"My day to day shopping strategy is that I go on sites like Savings.com or just look at the different websites to see what the good deals are for the day," says Cherry, who makes 95 percent of her back-to-school purchases on the internet.
"I'm actually buying them (her kids) a little more because I'm saving more," says Cherry. "It frees up a lot of money."
Offering internet discounts is a trend for retailers to keep in mind perhaps, since back-to-school shopping is the best indication of what will happen at Christmas.
Copyright 2010 CBS. All rights reserved. But retailers are offering another alternative: good deals.
"Retailers have to come out there be heavily promotional," says Scott Krugman of the National Retail Federation, "come out there with a lot of deep discounts to entice consumers to come back to stores."
Families are spending about $60 more getting ready for school than they did last year, reports CBS News national correspondent Jim Axelrod
But so far early back-to-school spending has not been enough to drive retail as a whole forward. If you want to see one of the healthiest parts of the entire retail sector, you've got to get out of the store entirely - and head to your computer.
Out of the 13 categories that make up the retail sector, just four show growth in the last year: car sales and parts, up 1.6 percent; gas station sales, up 2.3 percent; restaurant and bar sales, up .2 percent - and internet retail sales, which increased by .2 percent.
"It's almost cool to be value conscious these days," Loren Bendele, CEO of Savings.com told CBS News. "No one wants to waste money."
Bendele's company, Savings.com, provides online coupons for shoppers like Mindi Cherry.
"My day to day shopping strategy is that I go on sites like Savings.com or just look at the different websites to see what the good deals are for the day," says Cherry, who makes 95 percent of her back-to-school purchases on the internet.
"I'm actually buying them (her kids) a little more because I'm saving more," says Cherry. "It frees up a lot of money."
Offering internet discounts is a trend for retailers to keep in mind perhaps, since back-to-school shopping is the best indication of what will happen at Christmas.
Add A Comment +
Popular Now in CBS Evening News
- For returning serviceman, a struggle to reconnect
- 5/26: Memorial Day weekend wild weather, slaugher in Syria
- Wild weather for Memorial Day weekend
- Pessimism amid Egypt presidential election
- Honoring fallen heroes with thousands of flags
- Inspiration for the class of 2012
- SpaceX capsule provides supplies for ISS
- On the Road: Planting flags for fallen soldiers
- 5/25: Murder charge in Etan Patz case, strom chaser vacations
- Everest climbers bottlenecked in "death zone"
- 5/24: Etan Patz murder confession, convicted rapist exonerated
- Calif. HS student devises possible cancer cure
- Pope's butler accused of leaking Vatican documents
- Iran's nuclear program becomes more radioactive
- Storm-chaser vacations: Nice weather not welcome
- Plan in place for salvaging Costa Concordia



