NEW YORK ? Despite a "still struggling" economy and fewer discounts than last year, holiday sales increased over last year, The Wall Street Journal reports.
An extra shopping day between Thanksgiving and Christmas along with a late boost from procrastinating consumers increased total retail sales, excluding automobiles and gas, 3.6 percent over last year's period through Christmas Eve, according to MasterCard Inc.'s SpendingPulse unit. However, without the extra shopping day, the sales increase would have been closer to one percent.
This year, store owners believe that they fared better by discounting fewer items while keeping prices relatively steady for much of their inventory. The reluctance by retailers to offer last-minute price drops eventually caused customers to "finally give in and shop," according to the WSJ.
Overall, holiday retail sales met industry forecasts, which ranged from a one percent drop to a 2.6 percent increase. This week is expected to provide an added boost, as shopper redeem gift cards, which were sold in higher numbers this year.
This year's sales started slowly, with the Thanksgiving weekend rising just 0.5 percent, according to the National Retail Federation. However, the group still expects an increase of one percent for the season.
Several categories showed large gains, including electronics and jewelry, rising 5.9 percent and 5.6 percent, respectively. However, apparel sales were relatively flat, and department store sales dipped 2.3 percent.
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