NRF Predicts Healthy Holiday Sales
By Staff -- Gifts & Decorative Accessories, 10/1/2003
The National Retail Federation (NRF), Washington, DC, projects this year's holiday retail sales to grow by 5.7 percent over last year's season, bringing total holiday spending to $217.4 billion. NRF defines holiday retail sales as all sales made in November and December. "After several strong months of retail sales growth, it seems clear that the economy is picking up momentum just in time for the holidays," said NRF chief economist Rosalind Wells. "Retail sales gain for the 2003 holiday season will be far better than the meager increases retailers experienced a year ago." Factors Wells cites as contributing to increased holiday sales include low interest rates, low inflation, rising equity markets, and mounting consumer confidence. Child tax credit checks and the withholding tax cut will also help. In 2002, holiday retail sales accounted for 22.7 percent of total retail sales.
