NRF: Holiday Sales Will Grow More than Forecast
December 15, 2011,
WASHINGTON-The National Retail Federation said total holiday sales at the nation's retailers will rise 3.8 percent, up from the 2.8 percent growth it had previously projected.
This would bring total holiday sales to a record $469.1 billion, NRF said. Although that 3.8 percent growth rate is less than the 5.2 percent actual sales growth during the 2010 holidays, it is still above the 10-year average growth rate of 2.6 percent.
Jack Kleinhenz, NRF's chief economist, said shoppers continue to stick to their budgets in buying gifts, but "have continuously proven they have the capacity to spend, and we are encouraged by this and the recent sales growth we have seen so far this year."
Shay cautioned that the debt crisis in Europe and "political wrangling" in the nation's capital could still affect consumer spending during the rest of the holiday season and into the New Year.