The Breast Cancer Site
FASHION and NEWS
2008 full-year sales is expected to grow its slowest since 2002 at a rate of 3.5 % according to The National Retail Federation (NRF) in CNN Money:
"Shoppers will seek to pay down debt, spend more in line with income growth, and approach discretionary purchases with more restraint," she (NRF chief economist Rosalind Wells) said.
Wells said the constant speculation about whether the economy is heading into or already in a recession also negatively impacts consumer sentiment.
"It makes consumers nervous. Recession isn't a sure thing but we know that they're already feeling the slow growth in the economy," she said.
She said retailers across the board, from luxury to online sellers, will feel the pressure as more practical consumers trade down in prices.
"In 2008, the challenges will be formidable for everyone," she said.
To those of us still fiercely intent of having the latest "it" product, does this mean seeing more SALE! signs?
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