Holiday sales falling short of predictions
Retail monitor trims forecast
- Duration 2:30
- Date Dec 19, 2012
Retail monitor trims forecast
Also in this playlist...
This transcript is automatically generated
Retailers are set to rack up fewer sales than analysts had initially predicted for the holiday season the retail monitoring firm called shopper track.
Reports it's cutting its holiday sales forecast from 3.3 percent over last year to 2.5 percent over last year.
The firm reports shopping -- drop since the Thanksgiving weekend.
Meanwhile there are multiple reports that online only retailers and -- -- Amazon and eBay are moving towards opening brick and mortar stores.
What is now the chief business correspondent for US news and world report Rick Newman is also the author of -- new book rebounder that's how winners -- it.
From setbacks to success brick and mortar Amazon.
That's a crazy thing to think about but we've got a real mishmash going on the retail business obviously.
You know shoppers are going to be online site that's -- that's picking up steam that's that's about long trend.
Now I've got some of the Sony online sites going to -- this helps them deliver packages more quickly especially little late stages of a holiday season which we're -- now when.
A lot of retailers -- the online guys can't do the necessarily guarantee they're gonna get your -- there by Christmas.
Things -- so -- around Black Friday and the horror that was allowing shopping on Thursday you horrible human beings.
It looks so good men but it's my understanding -- everyday folks all across the nation are concerned about this fiscal cliff and they don't know what they're going to be paying next year so there.
Cutting back -- finally dawning on shoppers that this is -- this is for real it could be a big problem is starting to hear that their taxes can go up starring in 2013.
And we're starting to see signs they're saying well if my taxes my cooperative congress might cause a recession I better kind of start preparing for that now we heard the CEO of Wal-Mart last week saying.
Most of their customers are aware the fiscal cliff and of those -- 15% are.
Spending less money so that's that can make the difference between a good holiday season -- -- -- holiday season we're talking only a couple percentage points here between making a profit -- losing money.
I guess the big hope is that over the last few days as you mentioned.
When you can't always guarantee that that shipments of -- to your house the people flood the brick and mortar store.
Yeah and wearing the crunch point now which is going to determine whether this is a good holiday shopping season are not.
And unfortunately this is coming right is where up against wall on the fiscal cliff so.
In a way congress and Washington can kind of decide whether it's a happy Christmas or not.
-- they need to get on they do.
-- a month ago -- having good.
Yeah you know -- -- -- tomorrow or the next day it's Washington though you know they'll just look at us and laugh at -- elephant here right have a nice vacation and have a very nice vacation thank you.