What a difference a year makes. Retail sales in the week leading up to Christmas shot up nearly 5 percent over the corresponding week last year, making it the best Christmas week for stores in years.
With many workers being off on the Christmas Eve federal holiday, they used the day to finish their last-minute shopping, said Michael Niemira, vice president of research and chief economist for the International Council of Shopping Centers, which tracks retail sales.
"That last-minute holiday spending ... was aided by consumers who had more money as a result of the improving economy, more time as a result of the Friday holiday and more holiday season excitement than in many years,” Niemira said.
Sales picked up steam each week in December, according to the ICSC's report. The first week sales were up year-over-year by 2.6 percent, and each following week saw improvements all the way up to 4.8 percent for last week's year-over-year sales.
The ICSC had predicted an overall holiday season sales boost of about 3.5 percent over last year but actual numbers show it's likely to be an even better season. Now analysts say retailers could be in for their best season since 2006.
