consumer spending

Local Malls Seeing More People

Everywhere we turn, there's evidence of the effects of a tough economy.

Local News 8 reported Wednesday night, the owner of two local malls is one business struggling.

In fact, General Growth Properties, known as GGP, may have to file for bankruptcy protection. But, they say this will not affect their businesses in Eastern Idaho.

GGP operates more than 200 malls in 44 states across the country, including Grand Teton Mall in Idaho Falls and Chubbuck's Pine Ridge Mall. Read more...

Retailers Feel Pinch of Returns

Shopping at Nordstrom in Miami this month, Maria Kakouris indulged herself with a $200 pair of satin-and-snakeskin pumps. Then came a spasm of buyer’s remorse. “Those shoes — they are still in my car with the receipt,” said Ms. Kakouris, a real estate agent. “I’m thinking, where am I going to wear them?”

In less challenging times, Ms. Kakouris might have hung onto the shoes. But now she is more circumspect. “They’re going right back where they came from,” she said.

In giving up her splurge, Ms. Kakouris joined a steeply rising number of shoppers who, driven by anxiety over jobs and savings, or an immediate need for cash, are marching back to stores with their purchases. Read more...

Study Finds Growing Green Market

New York — The drive to sustainability is having a broad effect on consumers, with three in four defining themselves as "green," according to a new study.

According to the survey, the green market has grown far beyond its roots as a niche, with 77 percent of consumers identifying themselves as "green." Over half (57 percent) said they made a green purchase decision in the past six months. Read more...

Obama Win Could Spur Holiday Sales

New York -- Can Barack Obama save Christmas?

In a survey by the International Council of Shopping Centers and Goldman Sachs, 8% of respondents said they are likely to increase holiday spending, thanks to the historic election of Sen. Obama to the White House. By contrast, only 5% said they would have increased spending if Sen. John McCain had been elected.

While Michael Niemira, director-research at ICSC, admits those figures don't represent the bulk of consumers, he said it still offers a reason for optimism. "It does say on the margin that getting the election behind us will help," he said. "Now things may change, and that's what we're counting on, even if it's in the margin." Read more...

Shoppers To Spend 1.9% More This Holiday, Compare Prices on Internet

US consumers plan to spend, on average, $832.36 on holiday-related shopping, up only 1.9% over last year's $816.69, according to the National Retail Federation's 2008 Holiday Consumer Intentions and Actions Survey, conducted by BIGresearch, reports Retailer Daily.

That's the lowest increase in planned holiday shopping since the survey began in 2002, NRF said. It continues to expect total holiday sales to increase 2.2% to $470.4 billion.

Though shoppers choose to visit stores for different reasons, consumers say one factor - price - will play the biggest role in buying decisions this year: Read more...

Pessimistic Consumers Seek Value in Holiday Shopping

With the economy weighing heavily on their minds, many Americans plan to spend less and shop differently and more carefully during this year’s holiday season, according to Deloitte’s 23rd Annual Holiday Survey of retail spending and trends, reports Retailer Daily. Read more...

Economy shrinks as spending ebbs

The US economy contracted in the third quarter as the sharpest drop in consumer spending in nearly 30 years erased any remaining doubts that the nation is in a recession, analysts said.

The Commerce Department reported yesterday that the economy shrank at a modest 0.3 percent annual rate in the quarter ended Sept. 30, a better than expected performance that helped send stocks soaring yesterday. The Dow Jones industrial average rose 190 points to close at 9,180.69. Read more...

Retailers Get a Treat This Halloween As Spending Tricks Recession

LA — While the economy is facing its darkest days in decades, one small sector is defying the downward trend. With 17 percent of the population actively participating in Halloween activities, total retail spending this Halloween will be up 5 percent -- to $5.77 billion -- according to IBISWorld Inc, one of the nation's most respected independent publishers of business research.

IBISWorld believes there are two main factors contributing to growth in Halloween sales: higher prices and pure escapism. Anxious families that have been consumed by the instability of the financial markets will view Halloween as an opportunity to forget about their finances and have some fun.

IBISWorld believes there are two main factors contributing to growth in Halloween sales: higher prices and pure escapism. Anxious families that have been consumed by the instability of the financial markets will view Halloween as an opportunity to forget about their finances and have some fun. Read more...

Financial meltdown won't spoil Halloween fun

New York - Global stocks markets are plummeting, house prices are slumping and jobless figures are rising but Americans are not about to let a financial crisis dent their Halloween fun.

About three quarters of Americans plan to celebrate the ghost and goblins holiday, and despite the credit crunch most are going to delve deeper into their pockets this year to buy candies, costumes and decorations.

The average American will spend $47 on Halloween, 18 percent more than last year, credit card company Visa Inc said, based on the findings of its polls of American consumers. Read more...

Retailers hope sales, promotions will convince consumers to get into the holiday spending spirit

It's a buyer's market on the retail scene as stores focus on promotions, service and inventory to fatten up scrawny sales.

Unsettled by shaky consumer confidence and foundering economy, retailers need a strong holiday season to regain solid footing.

It doesn't help that a later-than-usual Thanksgiving shortens the traditional holiday shopping season, adding more pressure for retailers, which rely on the holidays for up to 40 percent of annual sales and up to 75 percent of all profit, according to the Purdue Retail Institute.

"Given today's economy, it's more important than ever that they're on top of their game," said Ken Gillett, senior vice president of property management at Macerich Co., owner and operator of major retail properties. He said he expects the addition of Target at Pacific View mall in Ventura and Nordstrom at The Oaks in Thousand Oaks, both Macerich shopping centers, to boost overall business. Read more...