facebook
twitter
rss
account
search
search
 

Stores adjust to slow sales predictions

Oct. 14, 2008 at 11:21 AM   |   Comments

NEW YORK, Oct. 14 (UPI) -- Predictions of a slow U.S. holiday shopping season are causing some stores to change their holiday sales strategies, industry observers said.

In September, the National Retail Federation said holiday sales -- defined as November and December shopping -- would increase 2.2 percent this year, the lowest growth rate since 2002, USA Today reported Tuesday.

Some stores, such as discount retailer Wal-Mart are attempting to adjust to the wary mindset of consumers by starting holiday sales early, the newspaper said.

Stores are cutting back on their spending but hoping consumers don't notice less inventory or fewer sales staff, the report said. Other say they will offer cheaper items this year as consumers indicate they plan to spend less or buy gifts for fewer people.

Wal-Mart said a recent survey of 1,000 consumers indicated 39 percent will start their holiday shopping early. An identical number said they planned buy cheaper items this year. Thirty-five percent said they had reduced the number of people on their holiday shopping lists.

"Shopping is more and more an act of love. You may not be buying all you bought last year," Jim Taylor, vice chairman of Harrison Group, a marketing consulting company told the newspaper.

Topics: Jim Taylor
© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
FBI arrests Google employee accused of nude photo scam FBI arrests Google employee accused of nude photo scam
2
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
3
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
4
Harris selected for geospatial data products Harris selected for geospatial data products
5
Sweden plans to replace its Defense and Security Export Agency Sweden plans to replace its Defense and Security Export Agency
Trending News
Around the Web
x
Feedback