holiday retail sales up 8.5 percent over last year, highest in 17 years

I guess that shows people have way more money to spend than was assumed, despite inflation.

[link to news.yahoo.com (secure)]


"Consumers splurged throughout the season," said Steve Sadove, senior advisor for Mastercard and former CEO of Saks Incorporated.

The boom saw "apparel and department stores experiencing strong growth as shoppers sought to put their best dressed foot forward," he said.

Americans flocked to clothing, which experienced a 47.3 percent increase in sales year-to-year as well as jewelry, with a 32 percent increase.

Department store sales were up 21.2 percent, while electronic products experienced 16.2 percent growth