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Here and it is the fiscal cliff gridlock.
Which is hoping to suck the holiday cheer out of many shoppers a new report says.
US holiday sales climbed to seven tenths of a percent over last year -- lowest rate of growth since 2008 when the recession.
Was in full force what are people just temporarily stuffing their money in the mattress due to the fiscal -- or is this the start of a long term spending -- By consumers now joining us to discuss all of this is retail analyst he -- probe a car and we appreciate you being here.
-- we're reporting about this today on the Fox Business Network and one I think it -- MasterCard spending pulse as saying it's actually not the fiscal cliff.
It was super storm sandy at the end of the day -- our consumers pulling back doesn't matter if it was the storm or fear they're pulling back right right.
They are and that's a really good point that you made because -- -- -- did say that these numbers.
Actually started becoming a concern for the consumer back in October so -- National Retail Federation had projected that.
The holiday sales were gonna go up about four point 1% yup now that is some growth but it's nowhere near the five point 6%.
That we saw last year so there is a little bit of a slowdown.
Also we have to look at the consumer sentiment numbers it's coming in for the month of December at around sending two points.
That's ten points less than at its high in July so we're definitely Steve seeing this consumer Soledad happen even.
When he -- for the -- fourth quarter.
Are you here with the NR if you with The National Retail Federation -- you not element independent AM I have the excuse me but I hello yeah.
That -- have a lot of people like the NRF but.
What are the repercussions then whether it's for the RF for anybody is everyone's got different men are have to stick into -- know what they're not revising their projections for for this season to a shopper track is.
Spending -- -- What are the projections going forward -- -- -- -- to 40%.
Business is earned in the holiday shopping season of their revenue so what happens in 2013 if it's as bad as we -- you might be well.
To give you an idea rate Macy's.
Provides guidance going forward into 2013 a lot of other retailers.
Revised guidance due to this potential slowdown that's happening in addition to Macy's there were schools JC Penney's and advice or guidance.
When he came to same store sales now to give -- -- at Macy's for holiday sales.
Of their sales came from holiday sales.
So that accounts for a lot for Macy's that for them to revised guidance you know that this is -- -- the slowdown is gonna happen it's not only happening now but it's going to be happening well into 2000 dirt.
And and we -- I mean he orders for next season for Christmas -- placed those in the spring -- not right what we see a slowdown in orders will we see a pullback and production because of what happen.
In this holidays -- well I think right now what retailers are trying to do is to get rid of that inventory that's in their stories right now so if you walk around.
You're gonna see seventy to 80% off of a lot of that product because -- anticipated that customer come in and spend it during this season.
That's not happening but will they revise their their bear bite pattern for next year well that remains to -- -- specially what happens with this fiscal Clinton I think.
That in the talking about the flat does it planted its its consumer absolutely.
You know people have really revised their shopping.
Budgets based on that and if you think about it the average American is gonna be hit with a bill you know somewhere between a thousand to 2000 dollars that's a lot of money for the average Americans.
Have a very selfish questions -- if everything if all the retailers are desperate to clear inventory why doesn't Kenneth Cole put -- sale on its wallets.
But the bullets nobody out there offering thirty days ahead is I think debacle as there is a vendor amazing I'm sure I'll have a -- does have -- -- -- -- I appreciate your being and let's look at these numbers are more accurate with the NRF and not the revisions that everybody's given because the retailers have worked very hard want to see them get hurt.
Have a wonderful rest of the -- holiday season.
We're gonna turn --
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