Lissa Wyman -- Casual Living, November 1, 2008
The National Retail Federation forecasts a modest 2.2% increase over last year's holiday spending, about one-half the increase we've been seeing the last few years. Total holiday spending in the November-December holiday period is expected to hit $470 billion.
To reel in sales from consumers who have been hit from all sides with woeful economic news, retailers will need to use every trick in their respective creative bags.
"Retailers that offer unique value propositions — in terms of price, customer service, loyalty programs or some other means — will be best positioned to attract the consumer's attention," said Stacy Janiak of Deloitte's Retail Group.
|r = revised; p = preliminary
Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.
Nonrevolving credit includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers or vacations. These loans may be secured or unsecured.
Source: Federal Reserve
August '08 numbers are preliminary
Source: Bureau of the Census and National Assn. of Realtors
|Change from Aug. '07||-36.4%||-43.5%||-24.9%||-31.4%||-48.7%|
|Change from Aug. '07||-33.1%||56.1%||-44.6%||-42.1%||-32.0%|
|New home sales|
|Change from Aug. '07||-34.5%||-45.8%||-39.3%||-24.4%||-50.0%|
|Existing home sales|
|Change from Aug. '07||-10.7%||-15.0%||-12.3%||-15.1%||4.9%|
|Source: Data Network, Huntington, N.Y.
Information and data herein, though believed accurate, is not guaranteed. Data Network is not liable for any inaccuracies.