We know that last years holiday shopping data was terrible after all the numbers were in. Now we get word that the retail foundation is predicting that this year will be even worse than last year.

(US) National Retail Federation (NRF): US consumers plan to spend 3.2% less on holiday shopping this year than a year ago (sales in 2008 declined by 3.4%). [This is 3.2% below last years decline of of 3.4%.. Back to back declines]

- This is the first time that consumer plans to spend less for the holidays since 2002.
- NRF said consumers remain concerned with the economy and unemployment.
- NRF said “American’s are not ready to declare an end to the recession”
- 2/3 of American’s said the economy will impact their holiday plans.
- 70.1% of holiday shoppers plan to shop at discount retailers and 55.8% plan to shop at dept stores.
- The poll included 8,431 respondents.

**Note: On 10/5, the National Retail Federation predicted that holiday retail sales would decline by 1% – USA Today
- If US holiday spending falls this year, it would be the first back-to-back decline since 1992 when the NRF started keeping records. (source: new wires)