NRF: Economy fears will dent holiday sales growth
The National Retail Federation today forecast its lowest increase in sales for the upcoming holiday season due to concerns over the U.S. economy.
The Washington, D.C.-based trade association expects a 4 percent year-on-year sales increase for November and December to $474.5 billion, which is below the 10-year average of 4.8 percent and would be the slowest holiday sales growth since 2002, when sales rose 1.3 percent.
'Retailers are in for a somewhat challenging holiday season as consumers are faced with numerous economic obstacles,' said NRF Chief Economist Rosalind Wells, in a statement. 'With the weak housing market and current credit crunch, consumers will be forced to be more prudent with their holiday spending.'
NRF: Economy fears will dent holiday sales growth
