Holiday Retail Sales in November, December to Rise 3.6-4%, Says NRF
The National Retail Federation is forecasting holiday retail sales in November and December, excluding automobiles, gasoline and restaurants, to rise 3.6-4 percent from last year to $678.75 billion-$682 billion, the trade group said in a Tuesday announcement. NRF’s forecast “reflects…
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the very realistic steady momentum of the economy and overall strength of the industry,” said CEO Matthew Shay in a statement. Though 2017 “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,” said Shay. This year’s forecast would meet or exceed last year’s growth of 3.6 percent and the five-year average of 3.5 percent, said NRF. Christmas Day falls 32 days after Thanksgiving this year, one shopping day more than last year, and is on a Monday instead of Sunday, giving consumers an extra weekend day to complete their shopping, it said. Said NRF Chief Economist Jack Kleinhenz: “Consumers continue to do the heavy lifting in supporting our economy, and all the fundamentals are aligned for them to continue doing so during the holidays. The combination of job creation, improved wages, tame inflation and an increase in net worth provide the capacity and the confidence to spend."