The clothing retailers state that decline in sales were mainly due to global and domestic challenges, including economic uncertainty surrounding government shutdown in the US and currency depreciation in the Asian countries.
The National Retail Federation (NRF) holiday sales forecast estimates 3.9 percent increase in holiday sales this year over 2012.
In an interview with fibre2fashion, Mr. Jeff Green, retail analyst at Jeff Green Partners, US-based retail estate consultant firm, said, “In contrast to retail trade organizations projecting anywhere from 3-9% increase in holiday sales year over year, I think the holiday season will be totally flat.”
“The consumers are spending less this year mainly due to continued economic uncertainty as unemployment figures remain fairly weak and consumers lack confidence because of holdover from government shutdown,” he adds.
Kevin Stecko, owner of 80sTees.com, US-based online apparel retailer, says, “I do not expect growth in sales this year and I would be happy with sales coming in about where they did last year.”
The recent research report of NRF stated that the US shoppers spent 2.8 percent less on shopping this year as compared to last year.
According to Mr. Punit Agarwal, CEO of Promart Retail, the currency depreciation always led consumers to take a conservative approach to spending during season sales.
“However, consumers are always motivated to shop during season sales. Though they may reduce their budgets they will not completely stop shopping,”he opines.
Fibre2fashion News Desk - India
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