Holiday shopping remains slow

Holiday shopping remains slow as consumers are conserving gas by making fewer store visits and holding off on completing their shopping lists, the International Council of Shopping Centers reported.

“Unfortunately, retailers were battered by several forces this past week, including storms and a procrastinating consumer," said Michael Niemira, ICSC’s chief economist and director of research. “According to an ICSC-UBS household holiday-tracking survey, consumers are completing their holiday shopping slower than they have in the last four years since these surveys have been taken.”

Despite the slow pace of holiday shopping, the ICSC reported that U.S. chain store sales grew 1.4% for the week ending Dec. 15 from the previous week. Sales grew 2.1% from the same week last year. 

Niemira predicts December chain store sales overall will increase 1.5%. “Although it seemingly will come down to the last-minute buying surge over the few days ahead of Christmas Day, when all the sales receipts finally are tallied, ICSC expects the season to post a modest sales gain,” he said.