Is the Fiscal Cliff The New Grinch for 2012?
In light of the economic crisis around the globe, will this situation replace The Grinch this year? In many retail establishments, the stroke of midnight on Christmas Eve may not spell doom for shopping procrastinators. According to the latest estimates, of the17 million people who will visit some retail establishment today not all will be men. Market researchers last minute shopper traffic gridlock will occur in the gift card aisle. Major outlet chains predict 80 percent discounts will have a dramatic effect.
Across the pond, it is estimated that £1.4 million will be spent by mums/mothers on Christmas Eve prior to 11am. Retailers are now referring to Christmas Eve as Mega Mumday since total sales are estimated to be £151 as compared to the average £34 spent on other days. Barclay’s Bank predicts five times more will be spent on Christmas Eve in 2012.
Online shopping sites anticipate 82 million Christmas Eve visitors will from the UK. The most popular sites will be those offering downloads for books, games and mobile device apps.
In a recent survey conducted by the National Retailers Association in the U.S., the fiscal cliff may be the new Grinch. Responses by 2,893 shoppers indicate that while 83 percent admit that fiscal cliff issues are weighing heavily on their minds, only 30 percent said they would spend less this year.
Just as Black Friday sales in the U.S., began before midnight on Thanksgiving Day, in Britain, Boxing Day sales campaigns for 2012 appear to have rolled back to Christmas Eve