Nov. shopping surge spurs higher holiday outlook

NEW YORK (AP) — A research firm is raising its holiday spending forecast for the second time in a matter of weeks as more data shows a bigger-than-expected surge in buying in November. That early surge is likely to offset a disappointing start to December.

ShopperTrak says today 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 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.