CIT: Mixed Outlook Clouds Holidays
November 22, 2013,
NEW YORK-Middle-market retail executives participating in a CIT Group survey gave mixed views about the outcome of the holiday shopping season and the economy as a whole.
One out of three retail executives said they expect holiday sales to grow minimally, from 1 to 5 percent. Twelve percent said they expect a decrease in holiday sales. However, one out of four executives said retail sales would grow from 6 to 10 percent for this holiday season.
The executives' overview of the economy was similarly mixed. Forty-five percent said an economic recovery is already here and well under way. However, 55 percent said they don't expect a recovery to emerge until later, and nearly 25 percent said they don't think a recovery will materialize until 2015.
Seventy percent of the participating executives said their own financial condition is healthy, but 25 percent said they are reducing the schedules to existing employees to 30 hours or less. Also, 27 percent said online and mobile business models are disrupting their business. Sixty-one percent of the respondents said they see an uneven recovery developing, which seems to favoring wealthier consumers over middle- and lower-income shoppers.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money