Gene Bloch
Managing Editor-CNN New York
So how rough was the holiday season for retailers? Pretty rough according to early figures from Mastercard’s SpendingPulse, which estimated sales declined year-over-year by 5.5% to 8%. A good part of that decline in total sales can be blamed on plunging gas prices, but any drop is bad news.
In a separate survey from ShopperTrak, the key Saturday before Christmas, or “Super Saturday” as some call it, saw a scant half percent increase compared to 2007 levels, while foot traffic was down 17%.
Retailers want some help from the federal government next year. The National Retail Federation is seeking a series of sales tax-exempt shopping days added to Obama’s planned economic stimulus package.
Three periods in 2009 during March, July and October would be tax-free, and the federal government would reimburse states for lost tax revenue. The NRF estimates total savings would be $20 billion, and $175 per family.
Gas prices continue to dip – today marks the seventh consecutive decrease. AAA reports regular unleaded gas fell 6-tenths of a cent to $1.64 a gallon, a fresh 4-1/2 year low.
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Filed under: Finance • Gene Bloch |
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Sales tax holidays would be nice; we have one in Alabama for the weekend just before school starts so everyone can get their school supplies a bit cheaper. I'd like to see a permanent sales tax holiday on food and prescriptions so people with fewer resources can buy just a bit more with what they have.
If you can take anything positive from these numbers, people still have the "giving gene", which is the last to go when all else fails! My mind's "analytical-eye" says were along way from the bottom,if there ever is one,...