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NRF Predicts Holiday Growth
Nov 1, 2017 7:18 AM
By Rapaport News
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RAPAPORT... US holiday sales and consumers’ average spending will rise
this season, amid strong sentiment about the economy, according to projections
by the National Retail Federation (NRF).
Retail sales in November and December will increase 3.6% to
4% for a total of between $678.8 billion and $682 billion, the organization
said recently. Shoppers will spend an average of $967, up 3.4% from $936 a year
ago, according to a survey Prosper Insights & Analytics carried out for the
NRF.
Only 27% of consumers say concerns about the US economy will
affect their spending, compared with 32% last year, when the presidential
election led to widespread uncertainty, the NRF continued. This anxiety level
is the lowest since the NRF started asking consumers the question during the
financial crisis in 2009, it said.
“With employment and incomes increasing, consumers are more
confident this year, and that is reflected in their buying plans for the
holidays,” said Matthew Shay, CEO of the NRF. “Retailers have been stocking up
in expectation of this, and all signs are that this will be a busy holiday
season.”
Retailers shipped in a record amount of merchandise late
this summer in anticipation of the strong selling period, the NRF explained.
Imports are continuing at an “unusually” high level in the fall, it added,
citing the body’s own Global Port Tracker report.
Image: Tyler Olson/Shutterstock
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Tags:
consumer confidence, Consumer Spending, Global Port Tracker, holiday sales, Matthew Shay, National Retail Federation, NRF, Prosper Insights & Analytics, Rapaport News, retail, retailers, US economy
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