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NRF forecasts YoY fall in holiday season retail sales
The National Retail Federation has released its retail sales forecast for the coming holiday season. It shows that while growth won't hit the heady heights of last year it will exceed the 10 year average.
Holiday sales this year will rise 2.8% to $465.6 billion, according to the NRF's latest figures released this week. The forecast is lower than the 5.2% increase retailers experienced last year but higher than the 10 year average of 2.6%.
While several economic factors point to a healthy holiday season for retailers, cautious consumers still have one eye on unemployment figures, rising household costs and a shaky stock market.
"Just when you think the U.S. economy is turning around, another factor comes into play that changes the game," said NRF chief economist Jack Kleinhenz, Ph.D.
Matt Shay, president and CEO of NRF, said 2011 will be a holiday season led by promotions and discounts. He told Direct Marketing News that consumers will be "moving aggressively to use mobile technology and data to focus on the best opportunity."
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