Multi-Channel Merchant reported today that the National Retail Federation (NRF) reported the official 2008 US holiday sales. Holiday retail sales fell 2.8% to $447.5 billion. This is the first decline posted since the NRF began tracking such figures in 1995.
In September the NRF was more positive, reportingan expected increase of 2.2%, albeit that number would have been the weakest sales growth in six years. Yet after September, the economy and continuous layoffs caused an even further decline and there was no bounce back for US retailers.
Shopping in general was at an all time low, with many shoppers bargain hunting and the increased practice of "re-gifting" to help tightened budgets.
It will be interesting to see how Q1 rebounds and many expect an upturn starting in February.
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