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Best Buy ( BBY) 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.
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) , recently announced it's filing for bankruptcy protection. Best Buy should bounce back soon.