Holiday Sales Forecast 2008: 4.7% Gain
A more positive forecast for the 2008 holiday season was released by The Nielsen Company on October 9, 2008 predicting that retail sales in the U.S. would reach a 4.7% increase in dollar sales. This gain equates to consumers spending in excess of $98 billion during the golden retail days in November and December.
The Nielsen Company conducted a survey of 21,000 households in the U.S. to measure the anticipated spending plans for the holiday season. The results showed that 35% of the consumers polled in all income levels expected to spend less and a mere 6% expecting to spend more. Those who expect to spend the same as last year came in at 50%.
Online shopping sales forecast statistics for the holiday season according to Nielsen * came in at:
- 41% expect to spend the same online.
- 12% expect to spend more online.
- 17% expect to spend less online.
- 30% did not plan to shop online.
VP of Industry Insights of Nielsen Online, Ken Cassar, is reported by Nielsen Online as stating, “We expect the 2008 holiday season to be a healthy one for online sales as consumers use comparison shopping sites to locate bargains and competitive prices during a tough economic climate.”
Value Will Capture Shoppers’ Attention
Senior vice president of Consumer & Shopper Insights, Todd Hale, is reported by Nielsen as stating, “Retailers answering consumers call for value will capture shoppers’ attention this holiday season.” Hale continued to explain, “Whether it’s lower prices, instant rebates or free shipping offers, value messages will speak to bargain-seeking consumers in today’s tough economic climate.”
Nielsen’s holiday forecast of a 4.7% overall gain is actually higher than 2007’s 4.5% gain over the previous season. This year’s sales predication includes expansion in dollar sales across drug stores, grocery stores, big box retailers like Wal-Mart, and convenience stores.
The Nielsen Company’s forecast for the U.S. holiday season for 2008 paints a more positive picture for overall retail sales. With the turbulent economy causing many consumers to question their economic future, retailers and E-retailers will need to understand their customers, focus on presenting value to secure shoppers’ interest, and ultimately land sales.
* Source: The Nielson Company, September 2008
About The Nielsen Company
The Nielsen Company is a global information and media company with leading marketing and consumer information, television and other media measurement, online intelligence, mobile measurement, trade shows and business publications (Billboard, The Hollywood Reporter, Adweek). The privately held company is active in more than 100 countries, with headquarters in New York, USA. For more information, please visit, www.nielsen.com.
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Tags: Holiday sales forecast 2008, Nielsen retail sales forecast, Online shopping sales forecast