Yesterday morning, we were told that the U.S. Census Bureau stats for August showed a 5.4 percent increase in bookstore sales, and with year-to-date revenues of more than $11 billion, booksellers were showing a 2.4 percent gain over the comparable timeframe for 2007. Heck, they weren’t even that far behind the 2.8 percent advances being made across the retail sector. Good news, right?
Then came the announcement of September’s performance: a 1.2 percent drop in American retail sales that, in the words of the New York Times, has many worrying about “a darker turn” in the economy and “harder times in the months ahead.” In particular, Michael M. Grynbaum noted, consumer spending was “the engine of economic growth for the last decade.” And this followed last week’s warning from Stephanie Rosenbloom that American retailers should prepare for the worst holiday shopping in 25 years.
Before you all start singing “Gloom, Despair, and Agony on Me,” though, we’ve heard of a poll that says only 26 percent of the consumer base plans to reduce holiday spending, and books are the fourth most-popular gift idea.