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SOURCE The Conference Board
Spending Remains Selective this Holiday Season
NEW YORK, Dec. 12, 2013 /PRNewswire/ -- Consumers continue to replace old worn vehicles, pushing total retail sales up to 0.7 percent in November, following an upwardly revised 0.6 percent rise in October. Nonauto-related sales rose but at a slower pace of 0.4. Consumers are winding down deleveraging (paying off old debt) but remain somewhat cautious about buying big ticket items (other than necessity-driven vehicle purchasing). In other words, having worked so hard to restore household balance sheets, the reluctance is about once more running up debt levels in a still slow overall economy. Retailers, saddled with overstocked inventory, are likely to resort once more to discounting in order to overcome this consumer caution. Stock market gains favor the affluent and the upscale market. At the other extreme, little was expected anyway this holiday season. So it is the consumer in the middle, caught between financed purchasing and potential bargains, this holiday season. The post-holiday period may not look much different.
About The Conference Board
The Conference Board is a global, independent business membership and research association working in the public interest. Our mission is unique: To provide the world's leading organizations with the practical knowledge they need to improve their performance and better serve society. The Conference Board is a non-advocacy, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org
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