Chicago ShopperTrak RCT Corp.'s National Retail Sales Estimate (NRSE) reported that retail sales for the week ending May 3 increased 2.3% as compared to the same period last year. This increase represents the third consecutive year-over-year increase retailers have experienced as consumers continue to ramp up spending as Mother’s Day weekend approaches.
On a week-over-week comparison, shoppers seemed indifferent about the ever-increasing rise in gasoline prices, as sales for the week ending May 3 increased a steady 5.0% as compared to the previous week ending April 26, the report said. But ShopperTrak warns this spending trend might not continue following Mother’s Day weekend.
“Retail sales were strong last week due to the approaching holiday and the favorable weather experienced throughout most of the country,” said Bill Martin, co-founder of ShopperTrak. “But most likely, retail performance won’t remain at this pace as we’ve typically seen a spending lull immediately following Mother’s Day through Memorial Day weekend when consumers take advantage of the three-day weekend to spend.”
Additionally, ShopperTrak’s NRSE reported year-over-year sales have increased 15 out of a possible 18 weeks so far in 2008.