Retail sales climb in October, but Sandy clouds outlook
Source: LA Times
Shoppers handed retailers a healthy sales gain in October before Sandy pummeled the East Coast, but questions remain about how recovery efforts after the storm will affect holiday spending.
Rising home sales and a rallying stock market have boosted consumers' confidence and willingness to buy, industry experts say. But retailers are waiting to see whether shoppers who must replace cars and repair or rebuild homes will still be able — or in the mood — to splurge on gifts during November and December.
"October was relatively good given some of the distractions leading up to the presidential election," said Ken Perkins, an industry expert at Retail Metrics Inc. "But what percentage of discretionary income is channeled away from holiday spending toward rebuilding — that remains to be seen."
In Beverly Hills, thousands of miles from the storm, shoppers said Wednesday that they were looking forward to opening their wallets more often this holiday season. Many said their finances have improved over the last year.
Read more: http://www.latimes.com/business/la-fi-retail-sales-20121102,0,423032.story
