ICSC Forecasts 3 Percent Increase for Xmas Holiday
One of America’s most influential retail organizations, the International Council of Shopping Centers, released its forecast for the upcoming Christmas holiday season on Sept. 25. Sales will increase 3 percent compared with last year.
However, ICSC chief economist Michael Niemira warned that the upcoming Holiday season will be marked by uncertainty. Economists are worrying over the impact of rising fuel prices, the presidential election, and heavy federal spending cuts, which are scheduled to take place Jan. 2, 2013, unless Congress votes against them.
Earlier this month, market-research firm ShopperTrak forecast a 3.3 percent increase in holiday retail sales. ShopperTrak founder Bill Martin predicted the shopping season will start slowly because of uncertainty over the presidential election. However, he seemed to be more optimistic than the ICSC.
“Retailers have reason to be optimistic about this season,” Martin said when his forecast was released. “It’s clear that foot traffic is increasing and month-over-month sales continue to be better than expected.”
Another high-profile trade group, National Retail Federation, is scheduled to release its forecast for the Christmas holiday season on Oct. 2. The NRF forecast spending for Halloween celebrations will increase this year. Halloween revelers are expected to spend $8 billion on fright-night partying.
—Andrew Asch
