Around the World, 2012 Holiday Shopping is Subdued
December 24, 2012
Holiday shoppers were out in force hoping to get last minute bargains for Christmas but early indications suggest they didn't spend as much as in previous years. Despite a slew of deep discounts - some retailers say 2012 has not been a great year. Around the world, shoppers appeared subdued - not sure about what their economies might bring them in the New Year.
At U.S. shopping centers, parking lots were full - as thousands of last minute shoppers descended into crowded malls.
But the big crowds mask larger concerns. Consumer confidence has fallen to a 6-month low, and retailers say shoppers don't seem to be spending as much.
Dana Mattioli covers retail trends at the Wall Street Journal. "All the retailers are in panic mode. It hasn't been a great holiday season," she said.
But if flagging consumer confidence worries retailers, shoppers say they have other things on their minds.
In Greece, despite the festive decorations - the issue is not confidence but economic reality. After six years of recession, Greeks expect even tougher austerity measures in the New Year. So while shoppers in Athens look at the brightly decorated shop windows, few carry shopping bags.
One Greek pensioner says, after rent and food, there's just no money left. "Nothing, the economic hardships are so great that we cannot afford to buy anything," said George Manikas.
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