U.S. holiday sales rose marginally, less than 1 percent, the weakest since 2008, according to news reports.
From October 28 through December 24, retail sales grew by 0.7 percent, according to the Purchase, a New York-based research firm, bloomberg.com reports. This compares with sales growth of 2 percent during the same period a year ago.
Many reasons have been offered for the weak retail sales growth. These include, the uncertainty over the failure to strike a deal and avoid the “Fiscal Cliff;” Hurricane Sandy which disrupted shopping in certain northeast states and diverted money for gifts to housing repairs and new appliances; and the Newton massacres.
But, another explanation might be the early Black Friday policies implemented by many major retailers, which backfired. According to Business Insider, retailers were looking for consumers to splurge toward the end of the season. But that just didn’t happen.
