Home / Knowledge / News / Christmas climates raise holiday sales for 2007
Christmas climates raise holiday sales for 2007
16
Jan '08
Although Christmas wasn't cancelled, the economic climate did prove challenging for consumers during the holiday season.

According to the National Retail Federation, retail industry sales for December (which exclude automobiles, gas stations, and restaurants) rose 1.7 percent unadjusted over last year and decreased 0.4 percent seasonally adjusted from November.

In addition, November retail industry sales were revised downward to 4.7 percent growth from the initial 5.1 percent that was reported last month.

As a result, 2007 holiday sales, which combine November and December sales, rose three percent to $469.9 billion, weaker than NRF's projected four percent holiday forecast. This represents the lowest holiday season growth since 2002, when sales rose 1.3 percent.

“Economic pressures caused deterioration in the sales climate at the end of the year,” said NRF Chief Economist Rosalind Wells.

“Because holiday sales were disappointing, retailers will have to quickly adapt with pricing strategies and promotions that will encourage consumers to spend.”

December retail sales released by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) dipped 0.4 percent seasonally adjusted from last month and rose 3.2 percent unadjusted year-over-year.

Seasonal bright spots were seen by health and personal care stores where unadjusted sales grew 3.7 percent year-over-year and 0.7 percent seasonally adjusted from November.

General merchandise stores also saw small gains, with sales increasing 2.1 percent year-over-year and 0.3 percent from the previous month.

Weakness was seen by clothing and clothing accessories stores, furniture and home furnishings stores, and department stores. NRF is forecasting that retail industry sales will increase 3.5 percent in 2008.

National Retail Federation

Must ReadView All

L-R Manish Singhai, COO, Peter England; Vinai Kumar Saxena, chairman, KVIC; Ashish Dikshit, business head, ABFRL and Anshu Sinha, CEO, KVIC while signing agreement. Courtesy: ABFRL

Textiles | On 24th May 2017

Aditya Birla & KVIC enter into a strategic partnership

Aditya Birla Fashion and Retail Ltd (ABFRL) and Khadi and Village...

Courtesy: Jabong

Apparel/Garments | On 24th May 2017

Jabong Mood Store redefines online shopping in India

Jabong, India's leading online fashion retailer, has launched the...

Textiles | On 24th May 2017

Starlinger unveils FX 8.0 circular loom for fabric making

Starlinger, a leading supplier of machinery for woven plastic...

Interviews View All

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search