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RAPAPORT... IBISWorld Inc. predicts a slow-growth U.S. Christmas spending season and expects retail sales to increase 3.4 percent year on year to $68.9 billion. Christmas and seasonal gifts will represent the largest household expenditure, or 77.3 percent of holiday spending at $53.3 billion, according to the group. But this year, IBISWorld noted that the average household plans to reduce expenses and purchase presents for a smaller network of people. Of those who receive gifts, IBISWorld expects more high-value items, such as electronics and jewelry, will be placed under the tree. IBISWorld forecasts total spending on toys, sporting goods and hobby goods to increase 7.6 percent year on year to $3.72 billion, while spending on electronics is set to rise 6.6 percent to $8.32 billion and jewelry sales should jump 7 percent to $5.58 billion. If jewelry sales do increase as predicted, the rate of growth would be slightly less than the 8.8 percent increase jewelry stores have reported for the first nine months of 2013, according to Rapaport News records. IBISWorld estimates that 111.7 million U.S. households -- out of approximately 115 million -- will celebrate the Christmas season this month, spending 3.9 percent more on average for a celebratory dinner with friends and or family than they did in 2012.
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