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Oct 9, 2008 7:07 pm US/Central
Experts Predict Slow Holiday Shopping Season
NORTH TEXAS (CBS 11 / TXA 21) ―
The holiday shopping season is almost here and already several retail experts are predicting a bad year. In fact, this season is expected to be one of the worst in more than 15 years.
Inside the Retro Cowboy in Fort Worth Darlin Inkelaar is gearing up for holiday shoppers. "We are hoping for a good holiday," she said with anticipation. "I know everyone is a little nervous with all the economic things that are going on."
Despite Inkelaars' high hopes, financial counselors are expecting one of the worst shopping seasons since the 1991 recession.
Cristina Gonzalez, with Consumer Credit Counseling Services, says they're only expecting to see a 2.5 to 3-percent increase in sales. Last year there was a 3.4-percent increase in holiday sales and in the late 1990s there was an 8.2 percent spike.
"The highest we had was back in 1999 and it has been decreasing ever since then," Gonzalez explained.
Experts say high gas prices, the mortgage crunch, and rising unemployment will force shoppers to be more conservative.
To bring in shoppers, retailers may have to offer up deep discounts. Inkelaar, who says her business is family owned and always has some kind of a sale, remains optimistic. "I think Americans are still going to celebrate the holidays and they are still going to get out and buy gifts and presents."
Experts at Consumer Credit Counseling are also predicting that temporary part-time retail jobs will be hard to find this holiday. So if you're looking for extra holiday cash you should start your job search early before the few positions posted are taken.
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