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Holiday spending projections look grim

Holiday spending projections look grim

Estimated read time: 1-2 minutes

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Retailers are starting to talk Christmas sales, and so far the spending projections don't look good for companies hoping for consumers to go out and spend a lot of cash.

Yes it's September, and we're talking about Christmas shopping. That's because several retail research groups are predicting this could be the worst year of sales they've seen since 1991.

But will Utahns be cutting back on the gifts?

"I do think I'm going to kind of cut back on how much it costs," one man told us.

"I'll probably try to be as generous as always," a woman said.

Another woman is halfway done buying Christmas gifts.

"I've got half a closet full (of gifts)," she said.

According to USA Today, consulting and market research firm TNS/Retail Forward estimates that retail sales this November and December will increase just 1.5 percent. That would make it the worst for stores since the 1.2-percent increase in 1991. Consulting firm Deloitte predicts a 2.5-percent to 3-percent increase, which would still make this season one of the weakest since 1991.

Holiday sales hit a 10-year high in 2005, surging 7 percent.

Online holiday retail sales have been booming over the past few years, but the online growth is expected to slow this year, as well.


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Randall Jeppesen


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