WASHINGTON–The National Retail Federation projects holiday retail sales will rise 2.2 percent to $470.4 billion this year, falling “well below the 10-year average of 4.4 percent holiday sales growth, and would represent the slowest growth since 2002, when sales rose. 1.3 percent,” the NRF said in a statement.
Economic indicators such as the housing malaise, rising unemployment and meager income gains will hamper spending, the NRF said.