General retail sales in March were the worst in 13 years as consumers concentrated on "buying what they need," as Jennifer Black, head of an eponymous equity research company told the New York Times.So what happens if people only buy what they actually need? The economy collapses, because it's based on us all buying unnecessary stuff? So sad.
Reflecting a focus on the basics and low prices, sales at Costco and Wal-Mart stores open at least a year rose 7% and 0.7%, respectively, while most other stores reported declines. For example, comp-store sales at Target were off 4.4%, at Penney down 12.3% and at Kohl's off 15.5%. Even some higher-end retailers were down: Saks was off 2.9% and Nordstrom fell 9.1%.
Monday, April 21, 2008
Radical idea: Buying only what you need
Somehow this makes news: "Consumers are buying what they need." Here's a summary report: