Customer visits to U.S. retailers plunged to an all-time low in 40 years on the weekend before Christmas in the wake of a slowing US economy and inclement weather. CRI's Zheng Chenguang takes a look.

Reporter:
US retail sales this past Friday through Sunday fell 5.3 percent compared with last year's weekend before Christmas while U.S. foot traffic in stores was down a staggering 23.7 percent.

U.S. consumers were working with smaller budgets for holiday gifts this year because of rising unemployment and declining home values.

Macy's Inc. and Saks Inc., two major department stores in the US offered discounts of as much as 70 percent to lure shoppers seeking bargains, and retailers' profit margins may suffer as a result.
Joseph J. Minarik is senior vice president of the US Committee for Economic Development.

"If consumption is weak, there is less inducement for businesses to invest. Consumers would not be as able as they may otherwise invest in new housing. And that can spread out over the entire economy. So right now it is important for policy makes in Washington to try to find ways to get any part of the economy moving forward. "

Consumer spending, which accounts for two-thirds of the U.S. economy, dropped at a 3.8 percent annual pace in the third quarter, the biggest plunge since 1980.

Meanwhile, hundreds of U.S. holiday travelers faced the prospect of spending Christmas Day trapped in airport terminals as the US dug out from a barrage of snow and ice storms.
Heather Aumann is a passenger stranded at Ronald Reagan Washington National Airport.

"Actually my flight was at six thirty. Had everything confirmed through text messages, everything got to the Regan airport, proceed to gate and wind up our place was downsized. And my row on the plane didn't exist any more."

The US weather service posted winter storm warnings and advisories for large parts of the West, plus parts of the Midwest and the Northeast.

Zheng Chenguang, CRI news.