Monday, December 28, 2009
NEW YORK (AP) — Holiday shoppers spent a little more this season, according to data released Monday, giving merchants some reason for cheer.
The spending bounce means retailers managed to avoid a repeat of last year’s disaster even amid tight credit and double-digit unemployment. Profits should be healthier, too, because stores had a year to plan their inventories to match consumer demand and never needed to resort to fire-sale clearances.
Retail sales rose 3.6 percent from Nov. 1 through Dec. 24, compared with a 2.3 percent drop in the year-ago period, according to figures from MasterCard Advisors’ SpendingPulse, which track all forms of payment, including cash.
Adjusting for an extra shopping day between Thanksgiving and Christmas, the number was closer to a 1 percent gain.
Last year, the economy was in “critical condition,” said Michael McNamara, vice president at MasterCard Advisors’ SpendingPulse. “This year, it’s in stable condition.”