NRF: SALES TO RISE ABOUT 4.5% IN THE HOLIDAYS
The National Retail Federation (NRF) is predicting that holiday retail sales in November and December in the US will increase 4.3%-4.8% year-on-year to total $720.89 billion, IDEX Online reports. In 2017, holiday sales totaled $687.87 billion – a 5.3% increase over 2016.
NRF President and CEO Matthew Shay commented: “Our forecast reflects the overall strength of the industry. 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”. NRF Chief Economist Jack Kleinhenz added: “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”.
During the holiday months of 2017, jewelry sales grew 5.9%, largely driven by last-minute sales on December 23. This, according to the SpendingPulse report, which details holiday shopping from November 1 through December 24.