It' s bringing people in stores and is driving some sales growth,'' says John Pitt of research firm LJR Redbook. This has been one of the best Christmases of the decade, the century and millennium,'' says Kenneth Gassman, retail analyst at Davenport. Official reports of retail performance from malls, shopping centers and the Internet are still being calculated. Traditional stores disclose official December sales next month. But early readings are strong.
Checks make up nearly a third of consumer spending.
There is a lot of noise right now, and it will be interesting to see what things look like when the dust settles,'' says Charles Gerlach, director of e-strategy at Mainspring. The go-go economy underpins the shopping euphoria. Inflation and unemployment are low, while consumer confidence and wages are up. The stock market continues to post new gains, so consumers feel wealthy.