Superstorm Sandy could hurt holiday sales - Boston News, Weather, Sports | FOX 25 | MyFoxBoston

Superstorm Sandy could hurt holiday sales

Posted: Updated:
MYFOXNY.COM -

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.

That changed with the storm, according to the Retail Council of New York State.

"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.

  • Your MoneyMore>>

  • The future of technology

    The future of technology

    Wednesday, July 23 2014 7:01 PM EDT2014-07-23 23:01:39 GMT
    For New Yorkers fed up with the nightmare otherwise known as traffic, a futuristic answer may be closer than you think: driverless cars.Gray Scott is a futurist with seriouswonder.com. He and his colleagues track the future of technology. He says driverless cars will be a reality.After launching Google Glass just months ago, Google is about to take vision innovation a step further.
    For New Yorkers fed up with the nightmare otherwise known as traffic, a futuristic answer may be closer than you think: driverless cars.Gray Scott is a futurist with seriouswonder.com. He and his colleagues track the future of technology. He says driverless cars will be a reality.After launching Google Glass just months ago, Google is about to take vision innovation a step further.
  • Puerto Rico's economic woes worry bondholders

    Puerto Rico's economic woes worry bondholders

    Wednesday, July 23 2014 6:41 PM EDT2014-07-23 22:41:09 GMT
    Puerto Rico just balanced its first budget in more than a decade. Sales taxes are up. But optimism remains low when it comes to those making financial investments in the commonwealth. Maglan Capital hedge fund managers David Tawil and Steven Azarbad seem to think Puerto Rico itself is not in any imminent financial danger, just its major utility companies. So why is this news to you? The simple answer: Puerto Rico is a major player when it comes to what Wall Street investors are interested in.
    Puerto Rico just balanced its first budget in more than a decade. Sales taxes are up. But optimism remains low when it comes to those making financial investments in the commonwealth. Maglan Capital hedge fund managers David Tawil and Steven Azarbad seem to think Puerto Rico itself is not in any imminent financial danger, just its major utility companies. So why is this news to you? The simple answer: Puerto Rico is a major player when it comes to what Wall Street investors are interested in.
  • Some StubHub accounts breached

    Some StubHub accounts breached

    Wednesday, July 23 2014 4:34 PM EDT2014-07-23 20:34:20 GMT
    Six people were indicted Wednesday in an international ring that managed to take over more than 1,000 StubHub users' accounts and fraudulently buy tickets to such prime events as Jay-Z and Elton John concerts, a New York Yankees-Boston Red Sox game and Broadway shows like "The Book of Mormon," the Manhattan district attorney said. Manhattan District Attorney Cyrus R. Vance Jr. said the thieves would then resell the tickets and split up the proceeds.
    Six people were indicted Wednesday in an international ring that managed to take over more than 1,000 StubHub users' accounts and fraudulently buy tickets to such prime events as Jay-Z and Elton John concerts, a New York Yankees-Boston Red Sox game and Broadway shows like "The Book of Mormon," the Manhattan district attorney said. Manhattan District Attorney Cyrus R. Vance Jr. said the thieves would then resell the tickets and split up the proceeds.
Powered by WorldNow

25 FOX Drive
Dedham, MA 02026

Phone (781) 467-2525

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices