NRF: Holiday sales drop 2.8 percent

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NRF: Holiday sales drop 2.8 percent

January 14, 2009

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Initial 2008 holiday retail sales, which combine November and December sales, decreased 2.8 percent to $447.5 billion, representing the first decline in holiday sales since the NRF started forecasting and tracking numbers in 1995.

New York--Initial 2008 holiday retail sales, which combine November and December sales, decreased 2.8 percent to $447.5 billion, compared with $460.2 billion for the same period in 2007, according to the latest report from the National Retail Federation (NRF).

This sales result is weaker than the NRF's projected 2.2 percent 2008 holiday sales forecast and represents the first decline in holiday sales since the NRF started forecasting and tracking numbers in 1995.

Retail industry sales for December (excluding automobiles, gas stations and restaurants) decreased 1.4 percent seasonally adjusted from November and declined 2.2 percent unadjusted over December 2007, according to the NRF.

December retail sales released today by the U.S. Commerce Department show total retail sales (which include non-general-merchandise categories such as automobiles, gas stations and restaurants) decreased 2.7 percent seasonally adjusted from November and dropped 7.9 percent unadjusted year-over-year.

November sales were revised down to a 3.4 percent decline unadjusted year-over-year from the originally reported 2.2 percent.

"The current economic crisis proved to be more challenging than any had anticipated," NRF Chief Economist Rosalind Wells said in a media release. "Consumers showed they were more than willing to wait out retailers this year causing increased pressure on prices."

Among the few seasonal bright spots were health and personal care stores, where unadjusted sales increased a solid 7.6 percent year-over-year and 0.4 percent seasonally adjusted from November. Sporting goods, hobby, book and music stores were up 0.7 percent unadjusted from a year ago and down 0.4 percent seasonally adjusted month-to-month.

Sales were weak at clothing and clothing accessories stores (down 9.4 percent seasonally adjusted year-over-year and 2.5 percent month-to-month seasonally unadjusted), furniture and home furnishings stores (down 11.9 percent seasonally adjusted year-over-year and 1.8 percent month-to-month seasonally unadjusted), and electronics and appliance stores (down 3.2 percent seasonally adjusted year-over-year and 1 percent month-to-month seasonally unadjusted).

The NRF is the largest retail trade association in the world, with members including department, discount, drug, grocery, independent and specialty stores, catalog merchants, chain restaurants and e-tailers, as well as the industry's key trading partners of retail goods and services.

For more information about the NRF, visit its Web site, NRF.com.

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