Is MasterCard too gloomy in forecast?

CNBC reports that estimates from MasterCard showing a mere 0.7% rise in holiday retail sales are likely too early and limited to be accurate since they don’t include online sales or after-Christmas gift card spending.

NRF President and CEO Matthew Shay told CNBC Wednesday that the season is still on track to finish up 3.5% or 4% over last year. “The week after Christmas is one of the biggest weeks of the year, and given the bargain hunting mentality we’ve seen these last few weeks, we could see some strong shopping levels over the next few days.”