According to mastercard advisers spending pulse. Still that falls short of the 3. 9 increase forecast by the National Retailer federation. Terrell brown reports. Reporter retailers couldnt get americans to spend as much as they expected, so now Retail Stores are cutting prices even more. Even along chicagos exclusive michigan avenue, stores were offering 75 off. Retail analyst craig johnson. Retailers overshot the mark in terms of apparel supply. So theres an imbalance of supply in demand in apparel leading to all the dramatic promotions you see today. Reporter storms couldnt make up for the storms and two key shopping weekends and the lackluster economy. People arent buying as much. Why arent they buying as much . Because their incomes are very soft. Reporter average incomes grew 1. 1 between 2007 and 2012 but this year its up only 6 . A wild card is the projected 20 billion spent on gift cards. The value of the card is not recorded until theyre redeemed. Richard ortiz is the manager
Axelrod good evening. Scotts off tonight. Im jim axelrod and this is our western edition. Were getting our first look at just what kind of boost Holiday Shopping provided to the u. S. Economy and it is not the kind of picture retailers were hoping to see. According to Mastercard Spendingpulse Retail Shopping was up 2. 3 this holiday season. Keep in mind, these are just the initial numbers, but the National Retail federation had projected a bigger 3. 9 increase in Holiday Shopping. So if this first snapshot holds, this would be disappointing and the first time below 3 growth since 2009. Heres Terrell Brown. Reporter deep discounts and extended hours couldnt get americans to spend as much as stores expected. So now retailers are cutting prices even more. Even along chicagos exclusive michigan avenue, stores today were offering 75 off. Retail analyst craig johnson. Retailers overshot the mark in terms of apparel supply so there was an imbalance of supply demand in apparel leading to the p
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