An industry group says that it may turn into a rough holiday season for retailers because people may have to shift holiday spending to pay for post-Sandy recovery.
Prior to the storm, a survey showed the majority of New York retailers were expecting a strong 2012 holiday shopping season.
"Downstate consumers who lost homes, vehicles and other assets may now take holiday funds to buy necessities versus the latest electronic, jewelry or other holiday wares," said Retail Council president James R. Sherin.
Hurricane Sandy will have broad and long lasting consequences for both consumers and businesses, according to Sherin.
"There is real potential for consumers to shift spending to some industry segments like home improvement stores and away from others that heavily rely on holiday sales to keep them in the black," Sherin says.
The Retail Council, the state's largest retail trade association, conducts a Holiday Sales Watch survey each year between Thanksgiving and Christmas to track retail sales and trends.
While optimistic in the pre-storm survey, the majority of respondents were concerned about consumer confidence in the economy.
Monday, June 17 2013 10:10 AM EDT2013-06-17 14:10:37 GMT
For the first time in seven years, most U.S. homebuilders are optimistic about home sales, a sign that construction could help drive stronger economic growth in coming months.
For the first time in seven years, most U.S. homebuilders are optimistic about home sales, a sign that construction could help drive stronger economic growth in coming months.
Saturday, June 15 2013 7:27 PM EDT2013-06-15 23:27:36 GMT
TRENTON, N.J. (AP) — Motorists are seeing stable prices at the pumps in New Jersey.AAA Mid-Atlantic says the average price of a gallon of regular gasoline in New Jersey on Friday was $3.40, the same price as last week. It's also the same price motorists were paying a year ago.The national average price also remained stable, coming in at $3.63 for the second straight week.
TRENTON, N.J. (AP) — Motorists are seeing stable prices at the pumps in New Jersey.AAA Mid-Atlantic says the average price of a gallon of regular gasoline in New Jersey on Friday was $3.40, the same price as last week. It's also the same price motorists were paying a year ago.The national average price also remained stable, coming in at $3.63 for the second straight week.
Friday, June 14 2013 12:14 PM EDT2013-06-14 16:14:45 GMT
Stocks are turning lower in midday trading on Wall Street at the end of a volatile week.The Dow Jones industrial average was down 67 points, or 0.5 percent, at 15,106 as of noon Eastern time Friday. The Dow had surged 180 points the day before.
Stocks are turning lower in midday trading on Wall Street at the end of a volatile week.The Dow Jones industrial average was down 67 points, or 0.5 percent, at 15,106 as of noon Eastern time Friday. The Dow had surged 180 points the day before.
Friday, June 14 2013 9:03 AM EDT2013-06-14 13:03:06 GMT
As we close in on summer, we are all dreaming of a summer vacation. But how can you make it affordable?One way is by using those credit card points and miles you've accumulated over the year.
As we close in on summer, we are all dreaming of a summer vacation. But how can you make it affordable?One way is by using those credit card points and miles you've accumulated over the year.
Friday, June 14 2013 7:05 AM EDT2013-06-14 11:05:39 GMT
Boy Scouts of America says it is disappointed Caterpillar Inc. will no longer give money to the group.But public relations director Deron Smith on Thursday thanked the Peoria-based heavy equipment manufacturer for its past support.
Boy Scouts of America says it is disappointed Caterpillar Inc. will no longer give money to the group.But public relations director Deron Smith on Thursday thanked the Peoria-based heavy equipment manufacturer for its past support.
Thursday, June 13 2013 6:15 PM EDT2013-06-13 22:15:30 GMT
Law enforcement officials nationwide are demanding the creation of a "kill switch" that would render smartphones inoperable after they are stolen, New York's top prosecutor said.
Law enforcement officials nationwide are demanding the creation of a "kill switch" that would render smartphones inoperable after they are stolen, New York's top prosecutor said.
Thursday, June 13 2013 6:02 PM EDT2013-06-13 22:02:05 GMT
Bargain hunters from around the world flock to Manhattan's Chinatown for bags, jewelry and other accessories bursting onto sidewalks from storefronts along Canal Street.
Bargain hunters from around the world flock to Manhattan's Chinatown for bags, jewelry and other accessories bursting onto sidewalks from storefronts along Canal Street.
