U.S. shoppers pulled back on spending just as the holiday season began. Here's what that means:
Frederic J. Brown–AFP via Getty ImagesHoliday shoppers are sending a message to retailers: Lower your prices.
Shoppers spent less on electronics, furniture, clothing, and sporting goods—both online and at department stores. Spending did increase in some areas, including at food and beverage retailers and health and personal care stores. But the data shows that Americans are being more selective about what they buy.
“The most important takeaway from this report is that if retailers do not bring prices down, more than what they have done so far, they might not be able to sell as many goods as they want,” says Eugenio Alemán, chief economist at Raymond James. “My guess is that they are going to discount goods in December at a larger rate than last year and that will produce a better holiday retail season.”
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