Mass-market retailers putting together their orders for the holiday season might want to prepare for the worst. Mark Zandi, the chief economist at Moody’s Economy.com, said home price weakness may well worsen in the autumn, hurting consumer sentiment and retail demand heading into the end of the year. “I think retailing will be very, very soft, particularly for lower, middle-income households,” he told the Reuters Global Real Estate Summit in New York. However, luxury retailers should do fine as the well-off will be relatively unscathed by a housing downturn, Zandi said.
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