Cheap the new chic
“Cheap is the new chic,” says Rebecca Flach, vice president of membership and communications for the Retail Council of New York State.
The day after Christmas may surpass Black Friday in popularity as gift cards, deep discounts for overstocked merchandise and Christmas cash bring shoppers out. One change: they are spending differently and with due diligence.
“People are definitely changing their shopping habits, and retailers who suffered a dismal season in 2008 carefully monitored spending habits all year in anticipation of the holiday season,” Flach said. “They didn’t overbuy, they watched what sold and they brought in merchandise that was more affordable ... the result was a better-than-expected season in 2009.”
According to the Retail Council, 74 percent of its 5,000 member stores rated 2009’s shopping season better than or the same as sales during Christmas week of 2008. The Retail Council’s Holiday Sales Watch, a periodic snapshot of sales activity in both small and large stores that was conducted Dec. 28 and 29, had 58 percent of its members reporting better than or the same as sales for the same time period in 2008.
“Clearly, the Internet has enabled consumers to be better informed and therefore, better prepared shoppers,” Flach said. “They can price-check items and find the stores that are selling what they are looking for. Armed with the best price they have found, most retailers are willing to match it.”
While Internet shopping has increased every year and was up between 5 to15 percent this year, Flach said it won’t replace brick-and-mortar stores, particularly in some industries where “you won’t find retailers selling over the Internet. Shoes are a great example of a retail purchase you don’t often find people making online.”
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