Subscribe and receive the latest news from the industry Article
Join 62,000+ members. Yes, it's completely free.
With the holiday season just around the corner, the National Retail Federation has revealed that it expects consumer spending to increase between 4.3 and 4.8 percent during November and December, compared to the same period last year.
October 19, 2018
The survey excludes automobiles, gasoline and restaurants. Total spending for the two months is expected to top between $717.45 billion and $720.89 billion.
“Our forecast reflects the overall strength of the industry,” says Matthew Shay, president and chief executive officer, NRF. “Thanks to a healthy economy and strong consumer confidence, we believe that this holiday season will continue to reflect the growth we’ve seen over the past year. While there is concern about the impacts of an escalating trade war, we are optimistic that the pace of economic activity will continue to increase through the end of the year.”
Last year’s spending totaled $687.87 billion, up 5.3 percent from the year before and the most significant increase since the 5.2 percent year-over-year recorded in 2010 following the end of the Great Recession.
This year’s holiday forecast is consistent with NRF’s prediction of a 2018 annual retail sales increase of at least 4.5 percent compared to 2017.
"Last year’s strong results were thanks to growing wages, stronger employment and higher confidence, complemented by anticipation of tax cuts that led consumers to spend more than expected,” says Jack Kleinhenz, chief economist, NRF. “With this year’s forecast, we continue to see strong momentum from consumers as they do the heavy lifting in supporting our economy. The combination of increased job creation, improved wages, tamed inflation and an increase in net worth all provide the capacity and the confidence to spend.”
Read more about:National Retail Federation
License Global is the leading news source for the brand licensing industry, delivering award-winning editorial content including news, trends, analysis, and special reports about the global consumer product and retail marketplace.
Through its print edition, website, daily e-newsletter and event publications, License Global reaches more than 150,000 executives and professionals in all major markets. The magazine also serves as the official publication for the sector’s trade events, which include Licensing Expo, Brand Licensing Europe, Licensing Expo Japan, Licensing Expo Shanghai and the Licensing Leadership Summit.
Subscribe for updates directly into your inbox.
You May Also Like
The Changemakers: The Natural History MuseumFeb 29, 2024
Mattel, Zynga Partner for New Barbie Mobile GameFeb 29, 2024
Poetic Brands Launches Xbox T-Shirt at Urban OutfittersFeb 29, 2024
Mallet London, Smiley Launch Capsule CollectionFeb 29, 2024