Retail sales in the US were expected to increase by 3.9% this holiday season and would outpace last year's gains, said a Reuters report. US retail sales were seen rising despite economic concerns that could impact shoppers' spending. This was according to the world's biggest retail trade association on Thursday.
The National Retail Federation (NRF) had expected an increase in US retail sales in November and December to USD6.1 billion. The sales would surpass the 3.5% increase last year's holiday season. The average growth was calculated by the retail trade association to reach 3.3% over the past decade. In 2010 and 2011, retail sales fell more than 5%, said NRF.
The forecast released by NRF had been closely watched ahead of the holiday season, according to a Reuters report. The holiday season would account 20% to 40% of a retailer's annual sales. Furthermore, the trade group also said that the holidays would account 20% of total industry annual sales.
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