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To: vestor who wrote (960)	12/1/1998 1:26:00 PM
From: Mohan Marette	Respond to of 1634

Holiday Shoppers Ransack Retailers;Internet Awaits Similar Ravaging 7.43 a.m. ET (1243 GMT) December 1, 1998 By Oliver August NEW YORK — Americans are spending their way to a gift shopping bonanza that looks set to exceed last year's record levels. The first figures of the festive season indicate that Americans are spending 5 percent more this year. Macy's and other New York retail meccas were virtually ransacked by shoppers last weekend, following the Thanksgiving holiday. Shoppers started off the official Christmas season and cleared out many special offers by midday on Saturday. Kurt Barnard, president of Barnard's Retail Trend Report, said: "The holiday season basically got off to a rousing bargain hunt." The upbeat reports from America's retailers will cheer economists who have feared a downturn. Many Wall Street watchers have said the seven-year boom has been largely fed by the vigorous spending of American consumers. The shopping spree was also taken as a sign that consumers are not anticipating another drop in the stock market that might cut disposable incomes. The number of Americans who own shares has rocketed since the introduction of direct dealing via the Internet. The Internet has also changed Christmas shopping habits. Online commerce, long derided as unprofitable, seems to be gaining ground. Internet sales are expected to double this year to $2.3 billion. Gifts such as books, compact discs and electronic equipment are particularly suited to so-called e-commerce. Source:Fox/marketwire