US consumers will likely reel in spending in November and December, dialing down to a 3.7 percent rise in retail sales, according to a new report. Sales gained 4.0 percent in 2014.
“We are in a deflationary retail environment,” said Kathy Grannis Allen, a spokeswoman for the National Retail Federation, which fingered weak job and income growth and flat consumer prices for the slowdown in its report.
Meanwhile, retailers are planning to dig into their bag of tricks to get consumers to spend, including introducing layaway plans earlier or offering summertime promotions.
“Retailers are talking about doing their door-buster sales — like a 46- inch TV for $300 — two weeks earlier than last year, on Nov. 1, just to get people into their stores,” said Jeff.