NRF Sees Weak Gain in Gift Spending
The average American shopper will spend just over $830 on gifts this holiday season a small gain over last year, but still "a bit restrained." That's according to the annual holiday survey, released Wedneday by the National Retail Federation.
NRF had projected last month that retail sales in the U.S. will grow two percent this holiday season, the smallest gain in six years.
NRF predicted that sales would rise 2.2 percent to $470.4 billion, the smallest gain since they rose 1.3 percent in 2002. The 10-year annual average is a 4.4 percent gain.