NRF predicts slowest holiday sales growth since 2002

WASHINGTON The National Retail Federation projects that 2008 holiday sales will rise 2.2% this year to $470.4 billion. This gain would fall well below the ten-year average of 4.4% holiday sales growth and would represent the slowest growth since 2002, when holiday sales rose 1.3%.

“Current financial pressures and a lack of confidence in the economy will force shoppers to be very conservative with their holiday spending,” said NRF chief economist Rosalind Wells. “We expect consumers to be frugal this season and less willing to splurge on discretionary items.”