Retailers are Optimistic About the Holiday Season

If expectations become reality, this year's fourth quarter could turn out to be the strongest of the last four years. According to a report released Wednesday from the International Council of Shopping Centers, retailers are far more optimistic about holiday season revenue this year than during the previous two years.

About 55% or retail-industry members expect 2010 holiday season sales to top last year's, with 3.5% forecasting that revenue would be much higher, according to the ICSC. Only about a third of respondents last year expected higher holiday sales, while a mere 2.9% of those polled in 2008 said holiday sales would increase from a year earlier, the ICSC reported.

Retailers are hoping that recent gross domestic product figures portend an upswing in holiday sales. The U.S. Commerce Department said last week that GDP grew 2% during the third quarter, in line with economists' expectations, while consumer spending increased at a 2.6% annual pace in the quarter, its fastest growth since the fourth quarter of 2006 and up from 2.2% in the second quarter.

With such sales momentum, the ICSC estimated that the 2010 holiday season sales would be the biggest since 2006.

Read Full Story

Markets

DJIA 25,090.48 -84.83 -0.34%
NASDAQ 7,746.38 -14.66 -0.19%
NIKKEI 225 22,851.75 113.14 0.50%
HANG SENG 30,309.49 -130.68 -0.43%
DAX 13,010.55 -96.55 -0.74%
USD (per EUR) 1.16 0.00 -0.15%
USD (per CHF) 1.00 0.00 -0.04%
JPY (per USD) 110.68 0.03 0.02%
GBP (per USD) 1.33 0.00 0.01%