Long Island retailers singing the blues instead of carols this holiday season
Many retailers across Long Island are singing the blues instead of carols this holiday season.
Thats because economists say the increased cost of living has contributed to slumping holiday sales. Experts say mid-sized retail stores like Macys and Bloomingdales are hit the hardest as bargain-hunting shoppers pack discount stores like Target and Wal-Mart.
Experts blame the rising costs of gas and heating for the decreased spending, estimating the average consumer will spend $700 on gifts this year. Economists expect sales to boom after the holiday season, as prices drop and gift cards are cashed in.