Retail Analysts: Sales Tax Holiday A Success
BOSTON (CBS) —-Last weekend’s sales tax holiday was a big success with at least $500 million spent, according to retail analysts.
WBZ NewsRadio 1030′s Karen Twomey reports
The holiday gave a much-needed boost to retailers, with usually slow sales in August.
According to Jon Hurst of the Retailers Association of Massachusetts, the weekend brought as many sales as a December weekend.
“It came at a great time because consumer confidence is beginning to drop again a little bit,” Hurst said. “Where sales have been flat or down, the sales tax holiday gave us a little bump.”
The sales tax holiday which does away with the 6-and-a-quarter-percent sales tax, has been criticized by some for only giving retailers a temporary boost but supporters say the amount of money it pumps into the local economy is significant.
Hurst also says the sales tax holiday increases impulse spending, which helps local retailers.