Everybody has been talking about how this is going to be a great Christmas shopping season because the recovery is finally here, well, I have been saying for months that I expect a weak holiday season and for now it appears that my hunch is going to prove correct. Because the figures are out for the 4-day holiday weekend. This is traditionally the Thanksgiving weekend that kicks off the Christmas season.
This holiday weekend shoppers had more hours in which to shop than in prior holiday weekends because of the hours that the stores were open on Thanksgiving day. Yet, despite that and despite the big drop in gas prices, instead it was a disaster. Traffic at the malls or at the stores was down over 5 percent. So, 5 percent fewer people showed up to shop over the 4-day weekend. But even worse, the shoppers that showed up did not shop as much because they spent 11 percent less than they spent in 2013.
Related stocks: Apple (AAPL), GoPro (GPRO), J C Penney (JCP), Sears (SHLD), Target (TGT), Macy`s (M)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
- ► 2017 (114)
- ► 2016 (252)
- ► 2015 (344)
- Oil: Where Is The Global Demand?
- Oil: The First Of Many Bubbles To Pop?
- Lower Oil Prices Will Push The U.S. Economy Into R...
- A Lot Of Disconnect In The Markets
- U.S. Economy Is In Rapid Deceleration
- What Falling Oil Prices May Be Signaling
- The Longer The Federal Reserve Waits To Raise Rate...
- The Yellen`s Paradox
- Bitcoin & The Russian Crisis
- Without QE4 Real Estate Will Look Like Oil
- The Real Reason Why Stocks and Oil Are Falling
- Russia: Central Bank Raises Rates To 17%!
- U.S. Economy: More Evidence Of Economic Contractio...
- Stock Market: Technicals Look Pretty Weak
- Stock Market: A Change In Trend?
- 2014: Gold vs. World Stock Markets
- Retail Sales: The Economy Is Not Driven By Spendin...
- A Sharp Oil Reversal
- Stock Market: No Sure Bets
- This Is Going To Light A Fire Under The Gold Trade...
- If The Fed Raises Rates, All Job Creation Will Dis...
- Central Banks Are Playing With Fire
- U.S. Trade Deficit In Manufacturing Goods Hits Rec...
- U.S. Economy: Trade Deficit & Job Creation
- Is Germany Opposing An European QE?
- Europe: QE or No QE?
- ECB: Considering Buying Everything Except Gold
- Falling Oil Prices Are Good For The European Econo...
- Video: Falling Prices Would Help The Economy
- National Debt Tops 18 Trillion Dollars
- Expecting A Weak Holiday Season
- U.S. Economy: Could Be The Worst Shopping Season I...
- Crude Oil Collapsing Like In 2009
- Gold: Russia Will Get A Good Buy
- ▼ December (34)