December 22, 2012
Ronald Friedman, Co-Leader, Retail/Consumer Products Industry Group, Quoted in Reuters Article "Modest Discounts, Fiscal Cliff Deter Last-Minute Shoppers"
By Dhanya Skariachan and Phil Wahba
Retailers may not see a sales surge this weekend as ho-hum discounts and fears about imminent tax hikes and cuts in government spending give Americans fewer reasons to open their wallets in the last few days before Christmas.
The acrimonious debate in Washington over how to avoid the so-called "fiscal cliff" is one of a number of concerns weighing on shoppers, experts said, as consumers head to malls on the last Saturday ahead of the holiday - typically one of the busiest shopping days of the year.
"I don't think we're going to get a great pickup in the last few days here," said Ron Friedman, retail practice leader at consulting firm Marcum LLP, explaining how the uncertainty related to the "cliff" was weighing on American minds.