Instead, consumers sent a very different message, as sales from the post-Thanksgiving weekend plummeted 11% over 2013 and Cyber Monday results were up only 8%, putting a crimp in retailers' and economists' hopes for a white-hot Christmas.
Where are those savings at the gas pump going? Likely into necessities like higher health-insurance premiums, housing and utility costs, as well as consumer piggy banks. A top Macy's executive feels consumers are spending "...more of their disposable dollars on categories we don't sell, like cars, healthcare, electronics and home improvement."
Retailers that performed well over Black Friday are deep discounters like Kohl's and Family Dollar. The bottom line: stagnant wages and a still-sluggish job market are contributing to consumer caution this holiday season.