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Details on Industry Insight.
- November/December holiday sales trending at a 4% increase, strongest since at least 2006
NEW YORK, December 28, 2010 – The week leading up to Christmas Day 2010 proved to be filled with holiday cheer for retailers that posted their third week of positive sales results as consumers rushed to finish their shopping. For the week ending December 25, retail sales rose by 1.0 percent from the prior week, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. In addition, retail sales, on a year-over-year basis, strengthened to their strongest rate since April 24, 2010 and increased by 4.8 percent.
“Consumers hurried to complete their last minute holiday-gift buying ahead of Christmas Day as many workers had additional shopping time on Christmas Eve, which was a federal holiday for many since Christmas Day fell on a Saturday,” said Michael Niemira, ICSC vice president of research and chief economist. “That last-minute holiday spending lift was aided by consumers who had more money as a result of the improving economy, more time as a result of the Friday holiday and more holiday-season excitement than in many years,” Niemira added.
For December ICSC Research expects industry sales will increase by approximately 3.5 percent (with a bias on the stronger side) and ICSC’s November-December holiday-season sales forecast is trending approximately at 4.0 percent (or slightly above) and slated to the strongest since at least 2006.