Rumors of Best Buy's Demise Exaggerated
Best Buy
(BBY) - Get Best Buy Co. Inc. Report
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.
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
TheStreet Recommends
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) - Get Chemours Company (The) Report
, recently announced it's filing for bankruptcy protection.
Best Buy should bounce back soon.
