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Jordan Goodman of MoneyAnswers.com breaks down why retail sales will be up 5% year-over-year.
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It looks like we've got a strong a holiday shopping season but with only a few days left.
Is it going to meet the predictions about next guest remembers -- some on the show he said look solid.
-- -- -- That's how much sales are gonna go what this holiday season -- last year Jordan Goodman made that prediction he's -- -- ounces dot com he joins us again.
You sticking with 5%.
I re confirming 5% at least that's correct the the real growth at least at least process I'm giving their minimum apartments -- probably be more than the but that is what could be a stellar performance correct let me advise you that -- attract says it'll only be three point 7% up from last year.
The NRF National Retail Federation says it will -- three point 8% above last year.
That got some upside don't they'll get around to eventually would -- you know so -- -- the Internet is really where it's happening protect people are shopping online.
Over 20% sales increases of Amazon Best Buy.
They're really doing very well there there -- -- some new technologies are allowing people to have really last minute shopping here we are December 20.
And people can buy today and literally get it delivered -- Christmas.
But just because sales are up -- doesn't mean that these guys actually making money I walked into this Sachs last week and I saw -- issues Jamie choose Manolo Blahnik for 40% off might dispersing in my.
And my had that rain was one this is a good deal -- maybe -- -- how are they making any money not the -- and this is so we can have two weeks before Christmas.
The high end retailers have still making money Nordstrom's stock for -- -- -- film at the weather Best -- is not making as much because they're giving there was quite some extra.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- I made money on that I don't think it's hemorrhage I don't think they're losing money but probably not gonna do -- -- -- this discussion is not just the nitty gritty of whether it's up 3% to 5% it's an economic indicate -- Peter this is doing better whatever -- -- the recession in the double -- that was coming alas it is how it could to be even three point 8% of the conservative than that of the -- -- -- -- recession is coming.
But -- a lot people we finance their homes this year OK and that money is now flowing to their spending.
There's what I call -- for TOK people just tired of being frugal.
They've been doing up for long time now they're saying let's have some fun apart my path of parts of -- -- the things they wanna buy out there today are.
I'm gonna come actually two things from them along the -- tons right after Thanksgiving was said to be.
Big lots of people taking it back under the don't want it wrong size whatever it took it back -- -- -- cancels the other or some of those just number two.
A lot of people using credit costs were all use of credit cause now than certainly last year corrects that implies that they gonna pay for a laid that it is being taken out of the economy means not a good sign.
About 40% of the people do it for -- Robert later 60% pay it off and -- so those people are gonna have a lot of credit card debt coming generations combined -- someone's making money on that though those banks are making good fees on that credit card debt and -- default rates on credit card go down I mean.
I don't yet to zero sum -- and.
Oh my gosh I as far as it a little ticking time on we can say that about the credit crunch that -- into -- up until 2000 indeed as well people made money and then it became an an a bomb that exploded and we know that that's.
We're gonna -- has been coming down now started off a little bit but were much lower levels so your bottom line do you think that this economy is doing better than a little salt on the consumer side -- people -- feeling better they're spending more that we financing money is starting to move them.
I'm gonna have at least 5% so we will get the very hard numbers by the early part of January and you will be -- -- -- to justify you'll successful miserable failure absolutely.
Thank you gentlemen thank you.
