By Tyler Durden at ZeroHedge
Just as we warned, based on credit card data, this holiday spending period is a disaster. Following disappointing sales over the Black Friday to Cyber Monday weekend, there has been absolutely no follow-through momentum as is usually seen. Chain Store same-store-sales crashed 6.3% week-over-week…
This should not be a surprise with a mere 1.7% YoY gain that fits with credit card data…
As Stone McCarthy details,
The Retail Economist-Goldman Sachs Chain Store Sales Index was down 6.3% week-over-week for the period ending December 5.It appears that shoppers were sated after the hefty promotions offered in the prior week associated with Black Friday. There may also have been a drop off in brick-and-motor shopping activity while many on-line retailers were offering deals for Cyber Monday.
Source: Chain Store Sales Collapse Following Already Disappointing Black Friday
