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Holiday cheer for America's retailers
Source: Agencies |
December 16, 2011, Friday
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Print Edition
Print Edition
AN influential retail trade group raised its forecast for holiday retail sales in the United States yesterday, citing strong results in November and expectations that consumers still have more shopping to do.
The National Retail Federation said it expects holiday sales to rise 3.8 percent to a record US$469.1 billion. That is up from the group's 2.8 percent forecast in October.
The new forecast is still lower than the 5.2 percent growth seen last year, but is above the 10-year average increase of 2.6 percent.
"Consumer spending this holiday season has surpassed expectations, though many shoppers continue to stick to their budgets and buy only what they need," said Jack Kleinhenz, the federation's chief economist.
The updated forecast came after the retail industry trade group found that sales for November rose 4.5 percent year-over-year, and that the average American had completed far less of their holiday shopping than in previous years - an indication that many shoppers bought for themselves in November and still have lots of shopping left to do.
While retailers are "cautiously optimistic" the season will turn out better than initially expected, Matthew Shay, the federation's president, said: "A number factors, including the debt crisis in Europe and continued political wrangling in Washington, could impact consumer spending this holiday season and into 2012."
The federation's figures compare sales at retail stores with the year-earlier period and exclude restaurants, gasoline, automobiles and online sales.
That is why its results look different from those announced by the US Commerce Department, which said retail sales grew a weaker than expected 0.2 percent in November.
The National Retail Federation said it expects holiday sales to rise 3.8 percent to a record US$469.1 billion. That is up from the group's 2.8 percent forecast in October.
The new forecast is still lower than the 5.2 percent growth seen last year, but is above the 10-year average increase of 2.6 percent.
"Consumer spending this holiday season has surpassed expectations, though many shoppers continue to stick to their budgets and buy only what they need," said Jack Kleinhenz, the federation's chief economist.
The updated forecast came after the retail industry trade group found that sales for November rose 4.5 percent year-over-year, and that the average American had completed far less of their holiday shopping than in previous years - an indication that many shoppers bought for themselves in November and still have lots of shopping left to do.
While retailers are "cautiously optimistic" the season will turn out better than initially expected, Matthew Shay, the federation's president, said: "A number factors, including the debt crisis in Europe and continued political wrangling in Washington, could impact consumer spending this holiday season and into 2012."
The federation's figures compare sales at retail stores with the year-earlier period and exclude restaurants, gasoline, automobiles and online sales.
That is why its results look different from those announced by the US Commerce Department, which said retail sales grew a weaker than expected 0.2 percent in November.
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