Gallup's 2008 Holiday Forecast
12/12/08 11:11 Filed in: In the News
Gallup's 2008 Christmas spending data suggest Americans are highly reluctant to part with their hard-earned dollars right now, and, short of possibly capitalizing on deep holiday discounts and promotions, they show relatively little enthusiasm for Christmas shopping.
In a good year, the retail industry hopes to beat the 10-year average of 4.4% growth in holiday sales. Last year it saw a below-average 3.0% rise in year-over-year sales for the months of November and December, making 2007 one of the worst holiday retail seasons in recent memory. But given the sharp decline in Americans' projected spending, this year's spending figures could easily wind up in negative territory, with November/December retail sales totaling less than they did a year ago.
In a good year, the retail industry hopes to beat the 10-year average of 4.4% growth in holiday sales. Last year it saw a below-average 3.0% rise in year-over-year sales for the months of November and December, making 2007 one of the worst holiday retail seasons in recent memory. But given the sharp decline in Americans' projected spending, this year's spending figures could easily wind up in negative territory, with November/December retail sales totaling less than they did a year ago.