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Stores get last-minute boost
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December 30, 1997: 1:17 p.m. ET
Surge in Christmas-week shoppers rescues holiday season for retailers
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NEW YORK (CNNfn) - While many people dread the last-minute Christmas shoppers who clog the stores on Dec. 24, retailers will be very thankful for them this year.
A surge in pre-Christmas spending boosted holiday retail sales during the shopping period to a 2.2 percent gain over the same period last year, according to TeleCheck, the world's top check clearing service.
While check writers account for only 37 percent of all retail buyers, the figures, combined with other retail indicators, show that the two days before Christmas helped rescue what, to that point, was a mediocre season.
Retailers still may not be ecstatic, though. TeleCheck said that "sales dropped off sharply after Christmas, resulting in a modest gain in same-store sales that did not meet early projections."
Figures released by BTM/Schroders backed up TeleCheck's report of a last-minute surge. Those results showed that sales for the week ended Dec. 27 leapt 1.5 percent from the previous week.
Late Christmas buying combined with strong price-cutting and promotional activity by stores were the reason for the last-minute gains, the research firm said.
John Konarski, vice president of research for the International Council of Shopping Centers trade group, cautioned that too much shouldn't be made out of the figures because they are only part of retailers' bottom lines. (124K WAV) or (AIFF)
Investors will get the full retail holiday picture next week when most stores will release their December sales figures.
TeleCheck said that the overall disappointing holiday results were a factor of some shifts in buying preferences, including a move by consumers toward travel, entertainment and other services instead of more traditional gifts.
A decline in the population of very young children also has lowered retail sales, TeleCheck said.
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