Nov 02, 2017

NRF Forecasts Busy Holiday Season, Overall Retail Sales May Rise by About 4%

The National Retail Federation (NRF) of the USA has forecast a 3.6 to 4 per cent rise in holiday season overall retail sales, with average consumer spending expected to rise by about 3.4 per cent. The trade body recently released the results of its annual consumer survey conducted by Prosper Insights & Analytics, as well as its annual holiday spending forecast.

While total holiday season sales are expected to be between $678.8 billion and $682 billion in November and December, the average amount spent by a consumer is expected to increase by 3.4 per cent to US$ 967.13 this year, the organisation reported.

NRF President and CEO Matthew Shay said, “With employment and incomes increasing, consumers are more confident this year and that is reflected in their buying plans for the holidays.”

Shay noted that retailers have been stocking up in expectation of this, adding, “...all signs are that this will be a busy holiday season. Retailers are preparing for a rush of consumers, and are offering a wide array of merchandise and promotions.”

The number of consumers who said that their spending will be impacted by concerns about the nation’s economy, at 27 per cent, is now at the lowest level since NRF began asking the question during the Great Recession in 2009.

NRF also said that for the first time in survey history, online will be the most popular shopping destination this year, cited by 59 per cent of consumers. They will be attracted by conveniences like ‘buy online, pick up in store’ and free shipping.