Holiday shoppers exceeded the most optimistic retail forecasts this season, giving the retail sector a 5.5 percent increase in the 50 days before Christmas. In fact, spending jumped to rates higher than even before the recession. Nearly every sector saw a jump, including jewelry (8.4 percent increase), apparel (11.2 percent increase), and luxury goods. Even home furniture saw a small increase after successive declines over the last four years. The retail rebound is attributable to both pent-up demand among middle- and lower-income groups, and a marked increase in luxury sales. With stocks at a two-year high and higher-end incomes less affected by the recession than those on the other end of the spectrum, luxury spending helped drive much of the boost.
Read it at The New York Times
