Same-Store Sales Rise Thanks to Rebates
Same-store retail sales in May posted a 3.2 percent rate of growth, with sales buoyed by the first arrivals of tax rebate checks. That’s according to figures released Thursday by TNS Retail Forward, which based the numbers on about 40 participating retailers.
“Shoppers are counting on those tax rebates for everyday spending and even a few big-ticket purchases,” the group’s senior economist, Frank Badillo, said as part of the release. “The retail numbers suggest those dollars are starting to have an impact that should last for several months as more shoppers get their rebates.”
The group’s accompanying “Shopperscape” survey also found that only 14 percent of respondents had spent their tax rebate money on a “special purchase,” a category that included consumer electronics as well as vacations and jewelry. In February, the same survey had asked what they planned to do with the money, and 20 percent had picked that category.