Retail Sales rose modestly this August, thanks to sales tax holidays offered by the State Governments and the back-to-school season. Though there was not a huge rise in sales this August, still the modest rise gave some retailers a reason to smile.
The Tax Break offered by the Government of Massachusetts, which gave sales of $2500 absolutely tax free, was in particular a lenient stand.
It was found that sales were not particularly promising when it came to high end goods and winter clothing like jackets and jerseys. Buyers in particular are not keen on buying expensive clothing and are looking for deals, which would spare them money to be spent elsewhere.
Though according to Michael McNamara, Vice President, Research and Analysis for SpendingPulse, there was a rise in the sale of electronic goods and apparels, particularly children’s clothing. Spending Pulse has also stated that the trend of retail sales would likely remain the same or would have a minute rise and there won’t be much exponential growth in the retail sector in the future.
There have been a lot of efforts put in by various state governments to help boost sales in the retail sector. Last year, one-third of all American states offered tax holidays, with this year the state of Massachusetts, Florida and Illinois adding their names to the list.