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Staff at DDG Booksellers show off holiday merch. |
Holiday sales generally ended positively, overcoming many retailers' concerns that consumers would spend less this season. Observers cited a strong job market and wage gains, strong savings, some drops in prices, and lower levels of inflation although some cautioned about a state of unease and reticence to spend among some consumers. Reports from several independent booksellers generally reflected these trends.
Retail sales from November 1 to December 24 rose 3.1% over the same period a year earlier, the New York Times reported, citing data from Mastercard Spending Pulse, which measures in-store and online retail sales across all forms of payment. And online sales growth slowed during the year, rising 6.3% compared to 10.6% growth rates for 2021 and 2022, according to Mastercard.
Mastercard chief economist Michelle Meyer commented: "What we're seeing during this holiday season is very consistent with how we're thinking about the economy, which is that it's an economy that is still very much expanding."
Still, the Times noted that "Americans are being more mindful of how they're spending, and that discretion shaped the shopping season." Walmart and Target have said that consumers aren't spending as freely and are waiting for sales. There was some significant discounting in categories that had been weak in the fall, including electronics, home furnishings, and toys.
Jessica Ramírez, a retail research analyst at Jane Hali & Associates, stated, "[T]he caution that [consumers] have taken on their spend and where they're spending has been really noticeable in the second half of the year, where a lot of customers have been affected, especially lower-income and middle-income."
And in mid December, the Wall Street Journal observed that "despite the downbeat attitudes Americans profess in polls, a strong job market and continued reserves of savings built up early in the pandemic are giving them the wherewithal to keep shopping."
Booksellers on the Holidays
Sales at Left Bank Books, St. Louis, Mo., rose 8% both for the holiday season and the year, according to owner Kris Kleindienst. Excluding "the Covid blip of 2020/2021," December sales were the best ever for the store.
Top sellers in the season were not confined to a few hot titles and included some backlist titles. In general, speculative fiction--including Afrofuturism--and nontraditional romance have had strong sales this year, Kleindienst said, "and we have seen a renewed interest in current affairs/politics/race/gender." In non-book areas, "We cannot keep stickers in stock. Popular sticker topics: cats, feminism, gender, and reading. LBB branded items of all stripes fly out of the store."
The top 10 holiday bestsellers at Left Bank Books were Democracy Awakening by Heather Cox Richardson, The Heaven & Earth Grocery Store by James McBride, Fourth Wing by Rebecca Yarros, Killers of the Flower Moon by David Grann, The 7 1/2 Deaths of Evelyn Hardcastle by Stuart Turton, The Broken Heart of America: St. Louis and the Violent History of the United States by Walter Johnson, The Creative Act: A Way of Being by Rick Rubin, The Wager by David Grann, Murdle: Volume 1 by G.T. Kaeber, and When Women Were Dragons by Kelly Barnhill.
Kleindienst added that "the mood of the customers was positive. Lots of love for the store and our various nonprofit programs. I think the ambiance of the store--personal, quirky, welcoming, and mission focused--is such a relief from basically every other shopping experience, that folks breathe a sigh of relief when they walk in. At least that's what they tell me."
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Rakestraw Books, Danville, Calif., had "a good, busy season, about even with last year," owner Michael Barnard reported. Sales of adult hardcovers were "very strong," especially in fiction and narrative nonfiction, highlighted by Unruly by David Mitchell and The Art Thief by Michael Finkel. Oath and Honor by Liz Cheney was also popular but hard to restock.
This year, the store "celebrated customers as well as books, and they loved it," Barnard said. "It enhanced the community feel of the shop--old friends, multiple generations, and welcome newcomers. The mood seems buoyant though I'm worried about the challenges in an election year."
During the new year, Rakestraw Books plans "to enhance our selection of backlist, which also ballasts our ability to hand sell favorites," Barnard added. "We are also trying to double-down on the elusive vibe that makes us us. I am not sure how to define it, but I know it when I see it."
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At DDG Booksellers, Farmington, Maine, holiday sales were strong and steady until December 20, when a major storm hit northern New England, leading to torrential rains, dangerous flooding, and power outages in many areas, including Farmington. Because of high winds, the store's front door had to be locked, and staff put up a sign reading, "We are open. Door is locked due to safety. Knock and we'll let you in." By 3 p.m., owner Kenny Brechner said, "We had to flee." Luckily the store and town recovered relatively quickly, and the last three shopping days brought "very, very strong sales," leading DDG Booksellers to finish "a little up for the season."
Brechner added that the store, which takes pride in its selection of great stocking stuffers, had "a huge year" in that category. "People were saying very kind things about the store and thanking us for being here," he added. "The economy felt a little sluggish to me, and I felt we had to work extra hard and make the store a warm and joyful place in order to succeed."