Wednesday, September 26, 2012

Holiday sales to rise 2.5 percent, trade council predicts

The nation's shopping centers will likely experience a 2.5 increase to $463 billion in sales over the holidays, lower than last year due to economic uncertainty, according to a trade group forecast.

A combination of issues are on consumers' minds, including the presidential race, escalating gas prices and the looming fiscal cliff in January, which could all have an affect on holiday sales, the trade association said.

"Despite the cautiousness displayed in our forecast for the 2012 holiday season due to the uncertainty about the automatic spending cuts, Congress has a real opportunity to resolve the issue quickly and amicably to assuage consumer fears, which, in turn, could propel this season's performance far above ICSC's current expectations," said Michael Niemira, chief economist for the International Council of Shopping Centers.

Chain store sales should rise 3 percent to $112.6 billion during peak holiday season, the ICSC said.

For more of the Reuters story: in.reuters.com

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