Retailers who were hoping for some holiday cheer have found coal in their stockings this year.
According to MasterCard's (MA) SpendingPulse report, retail sales leading up to Christmas rose a paltry 0.7% from last year, which wasn't exactly a stellar year for retailers either. And it was far below the 3% to 4% analysts had expected.
It's been a couple of tough months for retailers, no thanks to Superstorm Sandy. Sales fell for the first time in four months in October, but rebounded in November, which evened things out. But December isn't shaping up to be as strong as many had hoped.
That's certainly one way to put it.
Although I do find it a bit surprising that people had such lofty expectations, given the uncertainty surrounding the fiscal cliff and the economy overall. Even though jobs have started to come back, the pace of growth is anything but consistent.
That's also a potentially troubling sign since luxury generally manages to weather the downturns. Even online retailers are taking a hit.
A slowdown in retail sales doesn't bode well for the broader market either.
Here's hoping the post-holiday sales will help make up for some of the lost revenue. And if lawmakers can get their act together over the fiscal cliff, we may be lucky and get a January surprise.
Cyber Monday has been good to eBay.
Shares of the auction site hit a 52-week high Thursday, just days after logging strong gains on one of the most important online shopping days of the year for retailers.
It's not just online shopping that's attracting consumer interest. All in all, it looks like consumers are increasingly getting more comfortable with paying for their purchases on mobile devices.
eBay (EBAY) also got a boost MORECatherine Tymkiw - Nov 29, 2012 11:49 AM ET
JC Penney continues to struggle amid a massive overhaul effort.
Shares tumbled Friday, after the department store posted a $203 million loss for the third quarter.
JC Penney's (JCP) loss amounted to 93 cents a share for the quarter, more than thirteen times worse than what analysts were expecting. And sales at stores open at least a year declined more than 26% , the most since CEO Ron Johnson took the helm MOREHibah Yousuf - Nov 9, 2012 11:54 AM ET
|Half of Americans are spending their entire paycheck (or more)|
|People really love to eat at Olive Garden|
|Queen Elizabeth II is getting a 78% raise from the government|
|Senate health care bill gives $250,000 gift to the mega-rich|
|Three journalists leaving CNN after retracted article|