November fur sales seen lagging

SANDY PARKER REPORT, VOL. 32, ISSUE 37, DECEMBER 1, 2008
The following extract is reproduced with permission from Sandy Parker Reports, Weekly International Fur News. Sandy Parker has been covering the fur industry for more than four decades. For most of that time he has published a weekly newsletter, detailing results of international pelt auctions, wholesale price trends, business developments and movements in the trade, as well as economic and political activities that may impact on it.
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International Fur News
with Sandy Parker
November fur sales seen lagging
THE HOLIDAY SHOPPING SEASON IS NOW UNDER WAY and the prognosis could be better. According to a survey of U.S. households by the independent Conference Board, the average household is expected to spend about $418 on gifts this year, down more than 10% from last year’s estimate of $471. “This is shaping up to be one of the most challenging holiday seasons in years,” the Board commented, “and it’s going to take more than the usual discounts and incentives from retailers to get consumers to spend more freely.”
Ditto Black Friday, which got started just as we went to press and too early for any results. But this traditionally has been a day for steep discounts on electronics, appliances, toys and other hard goods. Furs, which are offered at big discounts all year, have proved to be no special attraction on that day.
IMPORTS OF FUR APPAREL INTO THE U.S. DROPPED SHARPLY AGAIN IN SEPTEMBER, confirming earlier reports that retailers and wholesalers were taking a more conservative approach to the coming season. That approach was reported five months ago, before the current financial-economic crisis developed. Buyers’ conservatism at that time was based not so much on credit considerations as on their heavy inventories that were carried over from last year. As far as business prospects were concerned at the time, most were optimistic.
Nevertheless, their conservatism proved to be justified in view of subsequent economic developments. Imports from all sources in September dropped 21% to a total of $23.6 million, one of the steepest monthly declines in more than a year. This consisted of $10 million in mink apparel, down 28%, and $13.6 million in other furs, off 15%. This brought the nine-month aggregate to $91.7 million, down almost 20% from the same period a year ago.
IN THIS ISSUE:
November Sales Seen Lagging
Economic Problems Are Blamed
Consumer Confidence Is Mixed:
Down for Now, but Up Ahead
U.S. Imports Continue to Slide
For extracts from back issues of Sandy Parker Reports see News Index. Subscribers can access an archive of complete issues at www.sandyparker.com.
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