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| November/December 2004 |
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Luxury Market Steals the Show During Holidays Ringing true to retail forecasting, the luxury market came out ahead during the 2004 holiday buying season. Luxury items were the gifts of choice, with high-end items such as jewelry and brand labels selling well compared to previous holiday seasons. Items with popular brand names were in high demand, including names like Chanel, Tiffany’s, and Gucci. Although these items can be rather expensive, many shoppers chose to spend their money on brands and designer labels rather than at retail chain stores. An increase in the sale of world-famous and sought-after brand names have aided in the growth of luxury sales during the holiday season. While high-income holiday shoppers continued to make expensive purchases, many people below this income bracket were also purchasing more luxury items that are affordable, and accessible, to them. Many retailers focused on attracting more buyers during the last few shopping days before Christmas. Department stores and retailers like Sears and Wal-Mart offered steep discounts on specific items, extended business hours, and various sales as a last resort to beef up their relatively weak holiday sales. Since many retailers struggled to increase their sales during the holiday season, they are hoping to meet their holiday sales forecasts via post-holiday sales and discount coupons offered to customers. And as gift cards continue to be popular gifts for the holiday, retailers are also relying on the redemption of the cards, which are only recorded as sales when customers use them. According to USA Today, analysts predict holiday sales to increase anywhere from three to five percent. Although the official numbers weren’t available at press time, it’s fair to say that the luxury market has cashed in during the holiday season of 2004. Other retailers might not have been so lucky, but post-holiday sales might help some retailers to close in on their projected sales forecasts for the season. BACK TO: News & Updates |
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