Gregory Diamond
11-22-2005, 04:43 PM
NRF upgrades holiday sales projections
NOVEMBER 22, 2005 - Washington, D.C. -- Strong October retail sales and falling gasoline prices have prompted the National Retail Federation (NRF) to issue a rosier holiday sales forecast. It's now citing a 6 percent increase over last year's holiday spending.
NRF has revised its holiday forecast upward by a full percentage point over Sept. 21 predictions, in its first-ever mid-course revision of its annual holiday sales forecast,. Holiday sales for 2005 are now projected to top $439.53 billion.
NRF defines "holiday retail sales" as November and December sales by discounters, department stores, grocery stores and specialty stores, excluding automotive dealers, gas stations, and restaurants.
"Recent consumer spending has surpassed our expectations and we expect this momentum to continue through the holiday season," NRF President and CEO Tracy Mullin said in a press release issued . "Though our forecast remains cautious, we are confident that the holiday sales increase will be better than we originally anticipated."
In October, retail industry sales rose 7.2 percent year-over-year, following strong 7.2 percent year-over-year growth in September.
"As gasoline prices decrease, consumers are finding a little extra padding in their budgets," said NRF Chief Economist Rosalind Wells. "Nearly every retail category has seen strong sales growth in the past few months, indicating that retailers will see positive gains as consumers continue to spend this holiday season."
NOVEMBER 22, 2005 - Washington, D.C. -- Strong October retail sales and falling gasoline prices have prompted the National Retail Federation (NRF) to issue a rosier holiday sales forecast. It's now citing a 6 percent increase over last year's holiday spending.
NRF has revised its holiday forecast upward by a full percentage point over Sept. 21 predictions, in its first-ever mid-course revision of its annual holiday sales forecast,. Holiday sales for 2005 are now projected to top $439.53 billion.
NRF defines "holiday retail sales" as November and December sales by discounters, department stores, grocery stores and specialty stores, excluding automotive dealers, gas stations, and restaurants.
"Recent consumer spending has surpassed our expectations and we expect this momentum to continue through the holiday season," NRF President and CEO Tracy Mullin said in a press release issued . "Though our forecast remains cautious, we are confident that the holiday sales increase will be better than we originally anticipated."
In October, retail industry sales rose 7.2 percent year-over-year, following strong 7.2 percent year-over-year growth in September.
"As gasoline prices decrease, consumers are finding a little extra padding in their budgets," said NRF Chief Economist Rosalind Wells. "Nearly every retail category has seen strong sales growth in the past few months, indicating that retailers will see positive gains as consumers continue to spend this holiday season."