The Rich Will Shop Early This Year

The rich will shop early this year. The poor will shop late. The edge will probably go to the poor when the amount of national holiday sales is tallied at the end of the year.

Consumer Edge Research surveyed 2,600 people to decide their shopping habits. Reviewing the study, Reuters reported, “The highest income households, or those earning $150,000 or more, plan to get an early start on their shopping.” People with lower incomes and those who are unemployed will wait until closer to Christmas.

The trend is not likely to help a dismal retail sales season get any better. Some analysts predict that retail sales could drop 3% this year compared to last. The well-to-do may shop early, but that does not mean that they will not be frugal and, as a group. They may spend less than last year because of their own credit and employment concerns.

If the unemployed wait until late in the shopping cycle, they may not shop at all. Stores may have exhausted their discounts early as the most popular products sell out. People with significant income concerns may look at their wallets as the close of the year approaches and decide that they cannot spend any money at all.

Douglas A. McIntyre