Retailers Express Realistic Expectations for 2011 Holiday Shopping Season

ALBANY, NY (10/31/2011)(readMedia)-- New York retailers are entering the 2011 holiday season with cautious optimism despite lingering economic uncertainties and wavering consumer confidence around the state. That's according to a recent survey of Retail Council of New York State members where 62 percent of retailers say they expect 2011 holiday season numbers to be the same as or better than 2010.

The Retail Council, the state's largest retail trade association, representing stores of all size and variety from national chains to independent Main Street merchants, conducts a Holiday Sales Watch survey each year between Thanksgiving and Christmas to track retail sales and trends. To kick off the 2011 assessment, the Council conducted this Holiday Season Forecast survey to get a sampling of what members believe the season holds in store for New York state retailers. The survey was mailed to Retail Council members in mid-September and results were collected through Oct. 27.

Not surprisingly, the majority of respondents indicated the economy will have the greatest effect on their 2011 holiday sales. Consumer confidence surveys this year seem to rival the stock market for their volatility, adding to retailers' challenges to emerge from the 2011 holiday season profitably.

In keeping with their concerns about the economy, 49 percent of survey participants believe the biggest deciding factor for their customers when selecting gifts will be price. This is followed by 27 percent of retailers who believe good quality merchandise is a deciding factor, and 17 percent who say shoppers will be buying practical gifts.

Retailers are also attuned to how much inventory they should stock and the level of seasonal employees they may hire in the uncertain economic climate. When asked how much inventory they planned to purchase for the 2011 holiday season compared to previous years, 59 percent said they planned to purchase the same as or more inventory. A majority of participants (71 percent) indicated they would hire the same as or more employees compared to last year to assist them in the upcoming weeks.

"New York retailers will be balancing a well thought-out inventory with appropriately-priced items and are hoping a little holiday spirit will influence their customers' shopping behaviors this year," said James R. Sherin, president and chief executive officer of the Retail Council. "Merchants continue to adapt to their customers' needs and expectations each holiday season, and that is never more apparent than this year."

In addition to this forecast survey, the Retail Council will poll members three additional times via telephone between Black Friday and the week after Christmas to gauge retail sales and trends. Visit www.retailcouncilnys.com for the latest updates to the Holiday Sales Watch.

About the Retail Council of New York State:

The "Voice of Retailing" in New York state, the Retail Council offers money-saving group benefit programs and government relations advocacy to thousands of retailers and other service providers. Learn more by visiting www.retailcouncilnys.com.

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