Consumer Holiday Spending
CNBC Interview on October 22, 2008, 8:45pm ET
CNBC Interview on October 22, 2008, 8:45pm ET
Assessing whether the Grinch will steal Christmas as well as the money
we have tied in the markets, with Love Goel, GVG Capital Group and
CNBC's Margaret Brennan & Michelle Caruso-Cabrera.
we have tied in the markets, with Love Goel, GVG Capital Group and
CNBC's Margaret Brennan & Michelle Caruso-Cabrera.
GOEL: "People are scared of losing their jobs, people are scared of losing their homes, and people are scared of losing their college
and retirement savings - in this environment all bets are off."
GOEL: "This is probably going to be one of the worst Christmas seasons ever - combine the economic turmoil with the political
distractions and bank failures, and top that with a much shorter Christmas buying season - 5 days less than last year, that is 15%
fewer buying days between Thanksgiving and Christmas - and you've got the recipe for a retail nightmare"
GOEL: " The bottom fell out of consumer spending sometime in September, and there are no signs of it getting any better. The
potential stimulus checks, lower gas and food prices are like putting a band aid on a cancer patient. Historically speaking, food and
gas prices are still going to be very high because of the run-away inflation in those things over the past 8 years."
GOEL: "We estimate comp store sales to be in the 0 to negative range this year. We also expect this will be one of the tougher years for
online spending in the holiday season - definitely the toughest comps, even if they are positive."
GOEL: "Retailers need to focus on the 3 C's or "Controllables" - costs, customer experience, and competitive advantage."
GOEL: "Retailers who sell food, drugs and consumables are going to do well, as well as deep discounters"
GOEL: "We are just entering a recession, and we just do not know when we are likely to come out of this. There is no point in
speculating. We should assume that we need to stay focused on the cost side of the equation at least through 2011 and possibly
longer if it turns into a deep depression."
and retirement savings - in this environment all bets are off."
GOEL: "This is probably going to be one of the worst Christmas seasons ever - combine the economic turmoil with the political
distractions and bank failures, and top that with a much shorter Christmas buying season - 5 days less than last year, that is 15%
fewer buying days between Thanksgiving and Christmas - and you've got the recipe for a retail nightmare"
GOEL: " The bottom fell out of consumer spending sometime in September, and there are no signs of it getting any better. The
potential stimulus checks, lower gas and food prices are like putting a band aid on a cancer patient. Historically speaking, food and
gas prices are still going to be very high because of the run-away inflation in those things over the past 8 years."
GOEL: "We estimate comp store sales to be in the 0 to negative range this year. We also expect this will be one of the tougher years for
online spending in the holiday season - definitely the toughest comps, even if they are positive."
GOEL: "Retailers need to focus on the 3 C's or "Controllables" - costs, customer experience, and competitive advantage."
GOEL: "Retailers who sell food, drugs and consumables are going to do well, as well as deep discounters"
GOEL: "We are just entering a recession, and we just do not know when we are likely to come out of this. There is no point in
speculating. We should assume that we need to stay focused on the cost side of the equation at least through 2011 and possibly
longer if it turns into a deep depression."
© 2008 GVG Capital Group.
All rights reserved.
All rights reserved.
