Savings Galore! Retailers Slashing Prices To Boost Post-Holiday Sales
TOWSON, Md. (WJZ) -- Christmas may be over, but the rush is not. The malls are packed once again, as thousands of people look for deals and others exchange or return the gifts they just didn't like.
Derek Valcourt has more.
This holiday shopping before Christmas was not as financially lucrative as a lot of retailers were hoping it would be. Now they're counting on the eight out of ten shoppers who say they plan to spend money this week after Christmas.
'Twas the day after Christmas and all through the mall, folks returned packages, some large and some small.
"I'm a get a different size," one shopper said.
Too big or too tiny there's an excuse or a reason, for each gift returned this holiday season.
"Wasn't the right color, didn't match," one man said.
Forty-two percent of us bring back a gift that just missed, and instead buy what Santa forgot on our list.
"I like to get it out of the way," one shopper said.
It's one of the busiest days of the year for a store, and for shoppers, it's deals and savings galore.
"The boots was $59 and now it's $24," one shopper said.
While some folks came to return what they got, retailers, they like this day a lot.
"Yeah, I got a little cash to spend," one man said.
The sale signs were plenty so shoppers paid less, the stores were all busy, the parking a mess.
"I got here early. So I beat the crowds, I didn't wait in line. So I was fine," one shopper said.
Huge markdowns post-Christmas, so goes the story, are so stores can make room for new inventory.
"There is a little truth to that, that we do like to make sure that we are ready to accept the spring and summer merchandise which has already started to roll into our store," said Les Verhoek, Boscov's manager.
It's a last chance for stores to boost sales at year's end, and most shoppers come with gift cards to spend.
It's the season for giving like good Santa's elves, but this is the day most folks buy for themselves.
"It's just a family tradition, I guess. Nothing makes me happier than December 26," one shopper said.
Nearly 70 percent of the people who get gift cards say they plan to spend within a month. Many retailers are using sales to try to entice customers to use those gift cards this week.
Online sales were the big winner this holiday season--up by about ten percent over last year.
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