NEW YORK—If Black Friday sales are any indication, retailers should expect a “lackluster” holiday season this year, according to a new report that cites below-average crowds at stores late last week.
The New York Post noted numerous forecasts call for the weakest holiday season in five years.
“The National Retail Federation expects overall sales to increase by 3% to 4% in November and December — the slowest pace in five years — compared to the 5.4% increase last year and the 12.7% spike in 2021 following the depths of the pandemic,” the Post reported.
Target & Macy’s See Declines
“Between mid-October and mid-November, inflation-battered consumers spent 7% less than a year ago as they bought 6% fewer items versus a year ago, according to research firm Circana. Target and Macy’s are among the big chains that have seen sales drops of late,” the Post said.
The Post analysis comes at the same time forecasts by PSCU and Co-op Solutions have been somewhat mixed in terms of what credit unions should expect in card spend this holiday season.
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