Deals on Cars Help Spur Rise in Retail Sales
Retail sales rose 1.2 percent in December as strong car sales offset lackluster holiday business, the Commerce Department reported Jan. 15.
Retail sales had increased 0.9 percent in November. Car sales increased 5 percent, the largest rise in more than a year. While low-rate and free financing deals and other incentives motivated car purchases, shoppers
seemed choosy in making smaller purchases, according to the New York Times.
Sales at retail outlets other than car dealerships were flat in December, compared with a 0.3 percent gain in November.
According to the figures released Jan. 15, the 5
percent rise in car sales in December came after a 2.6 percent increase in November.
"The reinstatement of more generous incentives, such as zero percent financing, strong cash incentives and, in some cases, delayed payments and no down payments on 2003 models, were irresistible to customers," said Paul Taylor, chief economist at the National Automobile Dealers Association (NADA).
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