NEW YORK (AP) -- Shoppers remain tight-fisted with their spending even though the majority have received their stimulus checks, according to figures released Tuesday by the International Council of Shopping Centers.
For the week ended Saturday, same-store sales fell 0.6 percent from the prior week. On a year-over-year basis, same-store sales rose 2.2 percent, a bit stronger than the prior week, according to the association's weekly index, which tracks sales of about 40 retailers. Same-store sales are sales at stores open at least a year and are considered a key indicator of a retailer's health.
"Although there has been some relief at the pump this past week and the fact that most consumers have received their stimulus checks, consumers remain conservative in their overall spending patterns," said Michael P. Niemira, chief economist at ICSC. He is sticking with his same-store sales growth forecast of between 2 percent to 3 percent for June. For the fiscal year started in February, same-store sales growth has averaged 2.0 percent.
The nation's retailers are expected to announce final same-store sales for June on July 10.
On June 5, merchants reported a better-than-expected 3 percent increase in same-store sales, surpassing the 1 percent growth estimate. And while stimulus checks helped boost spending, shoppers were focused mainly on buying necessities at discounters.