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Holiday Shopping Season Off to Strong Start as Retailers Lure Thrift-Conscious Americans into Shops, Onto Websites
(CBA/AP) U.S. retailers ushered in the traditional kickoff of the country's holiday shopping season on Friday with expanded hours, deep discounts and online deals.
Despite bad weather in many areas across the country, reports from retailers showed a strong turnout thus far, and little drama compared to previous years. As of midday, there has been only one arrest reported, involving an Indiana woman who allegedly cut in line waiting for a Walmart to open and got into a heated argument with customers, the Associated Press reports.
The fierce battle for shoppers' wallets promises savings for those willing and able to buy amid an economy that's still worrying many.
The good news is that retailers are heading into the season with some momentum after a solid start to November. Shoppers who can afford it are buying more nonessentials, like jewelry and luxury goods. That's helping to lift their spirits about the holiday season, which is expected to generate revenue gains modestly higher than a year ago.
CBS News business and economics correspondent Rebecca Jarvis reports that for American retailers overall, November and December represent a whopping 40 percent of annual sales. For some of the big chains, including Best Buy, holiday sales make up more than half of the annual income.
Analysts have predicted a 2.3 percent increase in sales this year, reports Jarvis, and that has major implications for the nation's overall economy. Consumer spending represents about 70 percent of the U.S. economy and if the season is as bright for retailers as hoped, employers are far more likely to keep on temporary holiday hires.
Still, nearly 15 million are unemployed, and concerns about job security cloud consumer confidence. Spending may be picking up but has not returned to pre-recession levels.
So, retailers are pushing deals on basics as well as offering discounts on more deluxe items, from bigger flat-panel TVs to more elaborate play sets.
(CBA/AP) U.S. retailers ushered in the traditional kickoff of the country's holiday shopping season on Friday with expanded hours, deep discounts and online deals.
Despite bad weather in many areas across the country, reports from retailers showed a strong turnout thus far, and little drama compared to previous years. As of midday, there has been only one arrest reported, involving an Indiana woman who allegedly cut in line waiting for a Walmart to open and got into a heated argument with customers, the Associated Press reports.
The fierce battle for shoppers' wallets promises savings for those willing and able to buy amid an economy that's still worrying many.
The good news is that retailers are heading into the season with some momentum after a solid start to November. Shoppers who can afford it are buying more nonessentials, like jewelry and luxury goods. That's helping to lift their spirits about the holiday season, which is expected to generate revenue gains modestly higher than a year ago.
CBS News business and economics correspondent Rebecca Jarvis reports that for American retailers overall, November and December represent a whopping 40 percent of annual sales. For some of the big chains, including Best Buy, holiday sales make up more than half of the annual income.
Analysts have predicted a 2.3 percent increase in sales this year, reports Jarvis, and that has major implications for the nation's overall economy. Consumer spending represents about 70 percent of the U.S. economy and if the season is as bright for retailers as hoped, employers are far more likely to keep on temporary holiday hires.
Still, nearly 15 million are unemployed, and concerns about job security cloud consumer confidence. Spending may be picking up but has not returned to pre-recession levels.
So, retailers are pushing deals on basics as well as offering discounts on more deluxe items, from bigger flat-panel TVs to more elaborate play sets.