NRF expects 1% decline in holiday sales

WASHINGTON The National Retail Federation is projecting holiday retail industry sales to decline 1% this year to $437.6 billion. While this number falls significantly below the ten-year average of 3.39% holiday season growth, the decline is not expected to be as dramatic as last year’s 3.4%drop in holiday retail sales nor as severe as the 3% decline in annual retail industry sales expected for all of 2009.

“As the global economy continues to recover from the worst economic crisis most retailers have ever seen, Americans will focus primarily on practical gifts and shop on a budget this holiday season,” said NRF chief economist Rosalind Wells.