An early report on holiday retail sales found sales this year were up slightly, by less than one percent, but if you account for inflation, sales were basically flat.
MasterCard said sales in 2012 rose 0.7 percent over last year, weaker than the 3 to 4 percent gains analysts had expected.
The National Retail Federation had predicted a 4.1 percent gain in holiday retail sales.
Some blame Hurricane Sandy, which caused people to spend money on home repair rather than gifts. Others say the fiscal cliff put a damper on spending.
But some analysts are predicting higher growth.
ShopperTrak, which analyzes foot traffic, forecast last week that holiday sales will increase by 2.5 percent. That is down, however, from a previous forecast of 3.3 percent.
On Wednesday the International Council of Shopping Centers, which works with Goldman Sachs to track chain stores, , said it was sticking to its estimate for 3 percent growth in holiday sales this year.
Additionally, online spending has been on the rise.
For the holiday season through December 21, online spending rose 16 percent over last year, totaling almost $38.7 billion, according to comScore.
