Improving consumer confidence will trump the effects of lingering employment woes and the uncertain risks of the “fiscal cliff” and propel retailers to a 4.1 percent increase in holiday sales.
That’s the initial forecast for the season from the National Retail Federation, to be released today by the Washington, D.C.-based trade association. The projection is higher than NRF’s final forecast for a 3.8 percent gain in 2011 holiday sales, a figure which proved overly conservative when sales for the season grew 5.6 percent to $563.02 billion. NRF last year initially projected a 2.8 percent sales increase but in December elevated the number a full point based on the strength of Black Friday weekend and other results early in the season. Sales for holiday 2010 hit $533.39 billion, 5.5 percent over the prior-year period.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"