Holiday spending in November and December is expected to top between $678.75 billion and $682 billion.
NORTH AMERICA–With the holiday season quickly approaching, the National Retail Federation has revealed that it consumers to spend more than ever during November and December.
Total spending for the two months is expected to top between $678.75 billion and $682 billion, up 3.6 percent and 4 percent, respectively, from last year’s $655.8 billion. This year’s forecast would also meet or exceed last year’s growth of 3.6 percent and the five-year average of 3.5 percent.
This year, Christmas falls 32 days after Thanksgiving (one day more than last year) and is on a Monday, giving consumers an extra weekend day to finish their shopping.
In addition, the NRF believes the recent hurricanes will not have a significant long-term effect on the economy; however, the organization issued this year’s forecast as a range rather than the usual fixed percentage because the impact of the storms on economic indicators has made it difficult to make a more precise forecast.
“Our forecast reflects the very realistic steady momentum of the economy and overall strength of the industry,” says Matthew Shay, president and chief executive officer, NRF. “Although this year hasn’t been perfect, especially with the recent devastating hurricanes, we believe that a longer shopping season and strong consumer confidence will deliver retailers a strong holiday season.”