Rumors of Best Buy's Demise Exaggerated

Best Buy (BBY Quote) recently slashed its revenue and profit forecast based on huge swings in consumer purchasing behavior.

This shouldn't be much more than a small blip. While fewer people are shopping at Best Buy in this weak economy, those who do visit are spending more than ever.

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Source: http://consumerdata.geezeo.com

The average Best Buy shopper spent $193.18 in October, up 12.5% from the $172.63 spent in January, according to the Main Street Spending Index (MSSI) compiled by Geezeo, a personal finance Web site that helps consumers track their spending.

Meanwhile, Best Buy's chief competitor, Circuit City (CC Quote) , recently announced it's filing for bankruptcy protection.

Best Buy should bounce back soon.