Washington, D.C. — Sales at electronics and appliance stores fell 4.7 percent in November to $10.5 billion compared to the same period last year, according to advance estimates released today by the United States Census Bureau.
For the 11 months through November, sales at CE and majap stores edged up 0.9 percent to $97 billion, the Census Bureau said. The agency includes camera, computer, software and TV/appliance stores in its retail classification.
Goldman, Sachs managing director Matthew Fassler said the government’s sales data have traditionally correlated well with sales for CE dealers, particularly Best Buy.
Based on anecdotal data, Fassler suspects that TV sales may have been stronger than expected on Black Friday, and to a lesser degree thereafter, due largely to aggressive pricing. He anticipates that consumer spending will remain sluggish, undermined by “modest consumer cash flow and a higher savings rate.”