National Retail Federation predicts holiday sales will rise 4% this year to $474.5 billion, below the 10-year average of 4.8%. It would represent the slowest holiday sales growth since 2002, when sales rose 1.3%.
“Retailers are in for a somewhat challenging holiday season as consumers are faced with numerous economic obstacles,” said NRF chief economist Rosalind Wells. “With the weak housing market and current credit crunch, consumers will be forced to be more prudent with their holiday spending.”
-- Sarah
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