Compared to last year, it was a Merry Christmas in consumer electronics. Sales rose 1.2 percent after falling 4.6 percent over Christmas in 2009 reported Bloomberg.
Consumer confidence pushed overall holiday sales up 5.5 percent over last year at U.S. retailers in the best results seen over the past five years.
Sales especially climbed in clothing and jewelry, up 11 and 7.2 percent respectively, according to MasterCard Advisors’ tracking firm SpendingPulse.
The sales gains are attributed to consumer confidence in the economy. Even the heavy Northeast storm following Christmas won’t hamper retail sales for the season overall, said SpendingPulse.
“Increasing confidence has freed up more money from savings…We are seeing this momentum building and being sustained,” said Michael McNamara, a vice president at SpendingPulse.
Source: Bloomberg
Photo via smh.com.au
