America's Research Group estimates holiday sales will fall 1% this year

Marking the first time the firm has forecast a decline in ~25% years. 40% of respondents 'plan to spend less' – the largest number in 13 years; 35.3% 'plan to buy fewer gifts' an 8yr high response; 44% said 'they would spend less this year due to higher grocery prices; 52% have higher credit card balances this year and of those, 73% will spend less on gifts as a result. WMT should do even better during the holidays, w\93% of respondents saying they would shop at the discount retailer, up from 85% LY and only 9.5% of people said they would shop at a major department store. [Reuters]