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Consumers vote in December
By Bill Schneider
WASHINGTON (CNN) -- Attention shoppers: This month's election results are in. What election? The one every December, on the economy. Consumers have spoken. Their response became the political play of the week. In November, Americans vote with their ballots. Up or down for the president's party. This year, they made a strong and clear statement: up. In December, Americans vote with their dollars. Up or down for the economy. They've made a pretty clear statement on the economy, too: down. Dana Telsey of Bear Stearns comments: "We've just come off a nine-day, nine-city trip around the country, hitting all the different malls, and definitely what we're seeing is the traffic isn't as strong as it should be, especially going into these last few days before Christmas.'' No, it wasn't. In fact, it was the worst holiday shopping season in over thirty years. For the third straight year, the growth in holiday sales has slowed. Cut in half each year. Why? Retail consultant Howard Davidowitz had an explanation. "There's no job growth," he said. "There's lower bonuses, there's less job possibilities, there's lower corporate profits, there's less corporate spending, ergo: no jobs. It's a slow economy.'' A lot of people have a hangover from the spending binge of the 1990s stock market floor, especially since the drop in the stock market has made them feel less financially secure. Shopping habits have changed radically. Most shopping is now done in discount stores. And it's done later and later in the season because consumers are savvier. Retailers are hopeful that the post-Christmas season will rescue them. "They're really going to be looking to push this stuff off the shelves, and that certainly means that consumers are going to see a lot of great bargains.'' Scott Krugman, of National Retail Federation, said. After the high-tech bubble burst and business investment collapsed, consumers have been the one thing holding up the U.S. economy. This Christmas, the message from consumers is: "Hey -- don't count on us!'' Americans have voted with their dollars -- for the political play of the week.
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