NEW YORK (AP) - A research firm is raising its holiday spending forecast for the second time in weeks, after a bigger-than-expected surge in buying in November. That is likely to offset a disappointing start for December.
ShopperTrak says it now expects holiday sales to rise 4 percent over last year, up from a previous projection of 3.2 percent made in mid-November. The original estimate was for a 2.9 percent increase.
ShopperTrak says November's revenue rose 5.8 percent compared with a year ago as stores successfully pulled in shoppers with discounts. ShopperTrak had expected 3.7 percent.
However, it seems that and a Midwest snowstorm left shoppers with a bit of a hangover. Sales for the week ended Saturday fell 0.4 percent compared with last year.