This holiday season may turn out to be the worst for retailers since 2008, according to a new report by Morgan Stanley quoted by Business Insider.
The investment firm’s report, “Expect Coal: We Predict the Weakest Holiday Since 2008,” forecasts a scant 1.6 percent jump in same-store sales this season, citing an uncertain economy, a more condensed calendar, and increased promotional activity from retailers.
The report also points to continued drops in consumer confidence and a National Retail Federation finding that says Halloween sales have dropped, as well as a survey finding that 79.5 percent of consumers plan to spend less this holiday.
It also forecasts that consumer this holiday are spending more on big-ticket items like cars and appliances, and less on gifts.
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