U.S. retail sales online rose 1 percent on Black Friday, the traditional start to the holiday shopping season, to $534 million, tracking firm comScore said on Sunday.Combined with web sales on U.S. Thanksgiving the previous day, the figure rose 2 percent, but sales are down 4 percent to date in November from a year ago, comScore said. The firm has forecast total web holiday sales to be flat this year at $29.2 billion, compared with a 19 percent rise in 2007.
Msg#: 3797568 posted 9:33 pm on Dec 1, 2008 (gmt 0)
I don't think the term "recession" can be applied in a blanket statement anymore. There are very clearly groups of people who are absolutely fine and others who are devastated, it's no longer a problem shared by everyone.
Some sources of income are more recession proof than others and many people have been preparing for tough times since our former leaders elect went to war which is always expensive and devastating in the end.
[edited by: JS_Harris at 9:39 pm (utc) on Dec. 1, 2008]
Msg#: 3797568 posted 2:36 pm on Dec 2, 2008 (gmt 0)
i don't think it could ever be applied as a blanket statement; the economic environment is as good as you make it between your two ears.
i know people making 6 figure USD incomes in the third world that equal a few million here. and these are places where 9 year olds pick rotten oranges off the street and sniff shoe glue to stave off hunger.
Msg#: 3797568 posted 5:48 am on Dec 3, 2008 (gmt 0)
If spending is up but the merchants' profits are down because of steep discounts, then it is going to be a Pyrrhic victory.
In Iceland where the economy has basically collapsed, you can see people splashing out on big purchases because they fear that they will not be able to afford it in furture because of their collapsing currency.
"However, Cyber Monday saw $846 million in online spending, up 15 percent. The four-day period from Black Friday through Cyber Monday saw e-commerce spending jump 13 percent as both weekend days and Monday all achieved double-digit gains."
That (15%) is a huge increase over last year, and the 13% over the four day period indicates is not just a one off. Stunning. All that against a background of the credit crunch.