Spending Up – Online Sales Are Key: National Retail Federation Speaks
By Cindy Lewis on December 15, 2010, 10:48 am
After strong sales in November, the National Retail Federation raised its holiday season growth forecast on Tuesday to 3.3 percent, up from 2.3 percent. The industry’s leading trade group pointed to economic indicators like stock market gains, income growth and savings being used to bolster consumer spending.
Retail Spending Expected To Be Up
The U.S. industry group is now expecting retail sales in November and December, excluding cars, gasoline and meals at restaurants and online sales, to be up 3.3 percent, compared with its previous forecast of an increase of 2.3 percent.”The start to the holiday season has surpassed all expectations,” NRF President and CEO Matthew Shay said in a statement. But Shay warned that sustained improvement in retail sales would hinge on unemployment easing.The NRF said retail sales in November were up 6.8 percent compared with the same month last year, with clothing stores leading the way.
Using Smartphones To Buy
As the NRF predicted ahead of the season, shoppers are increasingly turning to their smartphone to help with their purchases. Among those in this group, about one quarter have used their phone to make an actual purchase, the BigResearch study found. However, most of these people are using their phones to locate stores or browse gifts. About one-third, are using their phones to receive text messages with offers, and slightly more than that are using smartphones to read reviews.
Return Policies
Most stores continue to “slice and dice” their return policies, creating complicated rules for different categories of items. Electronic items may be subject to stricter rules than say, clothing. Computers, digital cameras, and opened goods may be subject to limited return rights, restocking fees, shorter return periods, or no refunds at all, in part to discourage buyers from “renting” goods for the weekend and to help thwart return fraud. Online policies may also differ from store rules.
Still Shopping For Christmas
The new poll from the National Retail Federation shows only about 10-percent of Americans have finished buying everything they need for the big day. The average person said they were about halfway through their holiday shopping list, while around 37-million respondents.
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