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Retailer Group Predicts Gloomy Holiday Season

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By MICHAEL SASSO | The Tampa Tribune

Published: September 24, 2008

TAMPA - It could be a glum holiday season for retailers because shoppers are expected to keep a lid on how much they spend, the National Retail Federation predicts.

This week, the industry group said it forecasts holiday spending to grow by just 2.2 percent this year over last year to a total of $470.4 billion. While still an increase, the growth rate would be well below the recent average of 4.4 percent annual holiday spending growth.

The last time spending grew so little was in 2002, when holiday sales rose by 1.3 percent.

The retail federation blames its slow forecast on rising unemployment, a struggling housing market and meager income gains.

Reporter Michael Sasso can be reached at (813) 259-7865 or msasso@tampatrib.com.

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