CHICAGO (CBS) — There won’t be much for retailers to cheer about this holiday season, according to a new analysis of shopping trends.
A report by ShopperTrak finds that there will be fewer shoppers hitting the stores for the holiday—the most critical time for retailers to turn a profit for the year.
The number of shoppers will be down, but they will spend a bit more—3 percent more in November and December compared with 2010.
However, that percentage increase is lower than last year, when spending rose about 4 percent compared with 2009.
Also, retailers will have to work harder to get sales—as Shopper Track predicts consumers will be making fewer trips to the malls to buy their holiday gifts. Many of those consumers may simply buy online instead.
“Every shopper in a store will be more valuable than last year, and retail stores should be ready to convert their holiday shoppers into sales,” ShopperTrak co-founder Bill Martin said in a statement.
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