The last minute shopping
Consumers have been in no hurry to get their holiday shopping done this year. Retailers hope to lure them with bargains.
Procrastination is a holiday tradition for Steve Cartier.
Cartier says he works best under pressure, and the pressure's what finally pushed him to brave Sawgrass Mills earlier this week in search of gifts for family and colleagues.
''I always shop at the end; I'm a guy,'' Cartier, 42, of Pompano Beach, said as he leaned against a shopping cart with a dazed look on his face, worn out from a daylong hunt that yielded bags of clothes from the Limited Too, a lighted plastic palm tree and other secret surprises. Cartier wasn't quitting until he completed his quest.
''I'm a glutton for punishment,'' he said.
Cartier is becoming the norm rather than the exception this holiday season, as procrastination seems to be this year's theme. After a strong showing Thanksgiving weekend, the pace of holiday sales slowed dramatically during early December.
Heartened by signs of improvement last weekend, retailers are counting on this final weekend to be the biggest of the season. If they turn out to be wrong, it could make a dramatic difference in this season's bottom line.
The International Council of Shopping Centers reported earlier this week that its research indicates four out of five households are shopping later this year than in 2005. An indication of that trend: Only 21 percent of consumers had finished their holiday shopping as of last Sunday, compared to 26 percent in 2005 and 31 percent in 2004.
Another survey, conducted between Dec. 5 and 13 by the National Retail Federation, found that more than 33 million consumers -- or 15.4 percent -- hadn't even started.
''Consumers saw no urgency to step up the pace of their holiday buying,'' said Michael P. Niemira, chief economist and director of research for the International Council of Shopping Centers. ``They felt they could shop later because if they couldn't find a gift they had a gift card as a fallback.''
LAST-MINUTE LEEWAY
The gift-card option was the most frequent reason for procrastination cited by consumers in ICSC's survey, followed closely by the calendar. Since Christmas falls on a Monday this year, that leaves a full weekend for last-minute shopping. But some analysts contend the calendar explanation has been invented by retailers who are still hoping for a merry Christmas and trying to put a positive spin on disappointing sales to date.
They argue that consumers haven't been shopping because there are just no ''must have'' items to buy and they're waiting for price cuts. Consumers have learned to stand their ground, even if that means buying a gift card and waiting until the merchandise gets marked down on Dec. 26.
''This is going to be the year where a lot of consumers are saying, I'll play the game more,'' said Marshal Cohen, chief industry analyst at NPD Group, a consumer research organization. ``It's about waiting to get the lowest possible price. With the absence of any hot item, price becomes the key driver -- and that's a dangerous place for a retailer to be.''
Analysts blame retailers for being too concerned about protecting their profits, rather than lowering prices to boost sales.
''Retailers could have made it a big Christmas if they would have given consumers 50 percent off,'' said Britt Beemer, chairman of America's Research Group. ``Retailers are so much more focused on Wall Street rather than Main Street. I guess they'll be selling a lot of stuff for 50 percent off after Christmas.''
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