It might not be an especially cheery holiday for retailers this year – at least offline retailers. TNS Retail Forward, a company that conducts research on the retail market, says growth in holiday sales will be the slowest it has been in five years. The forecast? Fourth-quarter growth in 2007 will slow to 3.3% – it was at 4.6% in 2006. But it is still growth. However, their projection for online sales is rosier. They expect online sales to bring in nearly $42 billion in the fourth quarter of 2007. That’s up 7 billion from last year when it sales were at $35 billion in the fourth quarter.