Research >> Economics
ICSC Chain Store Sales dipped 0.3% in Nov 17 Wk
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The ICSC‐Goldman Sachs (ICSC‐GS) chain store sales index for the week ending November 17 dipped by 0.3% from the prior week as the sequential pace slowed from a post‐hurricane Sandy restocking impact in the prior week. The ICSC‐GS consumer tracking survey found weaker customer traffic over the past week at discounters, while traffic was stronger at apparel stores. The weakness at discount stores may be associated with the "postponing effect" that has started to show up ahead of Black Friday week when consumers are more reticent to purchase before the Black Friday bargain days.
On the other hand, cooler temperatures nationwide seemingly helped lift the need for seasonal apparel. The ICSC‐GS holiday survey found that the average holiday gift completion rate (of the 53% of consumer that already started to shop) was running above last year, but more people have not started than last year. The latest consumer holiday tracking survey by ICSC and Goldman Sachs (GS) found that about half (51%) of consumers plan to be shopping between Thursday (Thanksgiving Day) and Sunday with 17% of consumers planning to take advantage of those Thanksgiving hours to shop, one‐third of consumers planning to shop on Black Friday and a third (32%) planning to shop on Saturday and/or Sunday. Previous year’s Black Friday intention surveys suggested 34% of consumers planned to shop on Black Friday 2011, 31% planned to shop in 2010 and 26% reported they planned to shop on that day in 2009.
The 2012 survey is relatively steady with 2011’s survey. Only 3% of consumers plan to shop only on Thanksgiving Day evening, most are adding that onto their other shopping days. The main reason cited by one‐third of consumers planning to shop on Thanksgiving Day was that it would be an earlier opportunity to find those bargains. Of those planning to shop on that Friday, 58% cited their chief reason was to buy bargain‐priced holiday gifts, while 30% cited bargains for themselves or family, but not necessarily holiday gifts. Thirteen percent of consumers planning to be shopping on Black Friday were motivated by the energy of the crowds and planned to be window shoppers taking in the experience.
Posted: November 20, 2012 Tuesday 07:45 AM