NRF: Holiday Sales to Slow
By Staff -- Gifts and Dec, 9/21/2007 4:58:00 AM
Washington, DC — Holiday sales will rise 4 percent this year, the National Retail Federation (NRF) forecast, to $474.5 billion. This is below the 10-year average of 4.8 percent, and would be the slowest holiday sales growth since 2002, when sales rose only 1.3 percent.
“Retailers are in for a somewhat challenging holiday season, as consumers are faced with numerous economic obstacles,” said Rosalind Wells, NRF chief economist. “With the weak housing market and current credit crunch, consumers will be forced to be more prudent with their holiday spending.”
Luxury retailers are likely to remain a bright spot, according to the NRF, but discounters and some department stores catering to the low to middle income consumer may be in trouble as their shoppers may look to trade down.
THIS IS A VERY SCARY THOUGHT. THE INDUSTRY IS STRUGGLING AS IS. NOW ITS GOING TO GET WORSE.WHEN WILL THINGS IN RETAIL CHANGE FOR THE BEST?
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LICIA TOLOMELLO - 2007-09-26 11:16:00 EDT
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