Holiday retail sales will grow 4.1% year-over-year to reach $586.1 billion, forecasts the National Retail Federation (NRF). That rate is down from actual growth in 2011 and 2010 (both at 5.6%), but is above the trailing 10-year average sales increase of 3.3%. The NRF estimate is slightly more aggressive than a recent projection from Deloitte, which predicted 3.5%-4% growth in holiday sales this year.
According to the NRF, this year’s growth will be fueled by a gain in consumer confidence. Indeed, according to Booz & Co. survey results released in September, 53% of consumers plan to buy at least one luxury item this year, up from 41% last year. Read the rest at MarketingCharts.