State Treasurer Scott Meachum, in Norman this past week to speak to a financial advisers group, said he didn't expect much improvement in October's state tax revenue numbers. He'll get the numbers next week but historically October is a slow month for Oklahoma retailers. (Some blame the shortfall to the mass exodus of Sooner fans to Texas for an entire weekend).
But nationwide, retail sales showed their best performance since April 2008. Economists said consumers with pent up demand seem hungry for bargains and stores that offer deep discounts early will be sought out.
Historically, those sales usually come closer to the holidays. This year seems to be a game of chicken where consumers and stores want to see who will be the holiday winners and losers.
Sales at stores open at least a year rose 2.1 percent in October. A year earlier, sales dropped 4.2 percent. Results beat estimates and analysts predict holiday shoppers will make their purchases early this year in hopes of making sure the merchandise they want will be there.
Stores can cut their costs by having reduced stock on the floor but it may harm them in the end as savvy shoppers know what they want and word gets out that items have been, to use the shoppers' vocabulary, "picked over."
We'll know later this week if Oklahomans followed the nation in having higher sales. Taxes on retail activity make up a big part of the state's budget. Lower tax revenue on oil and gas production and income taxes make up the other legs of the state budget stool.
Opinion
Retail sales get boost from bargain hunters
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