Holiday Sales Expected to Reach Record High Despite Inflation and Economic Challenges

National Retail Federation predicts moderate growth in holiday sales, with retail sales expected to reach between $957.3 billion and $966.6 billion despite consumer caution due to inflation and higher borrowing costs.

The National Retail Federation (NRF) predicts holiday sales to grow at a slower pace compared to previous years, anticipating retailers to make $967 billion in sales over the next two months, a gain of 4% from the same period last year.
Despite rising inflation and borrowing costs, NRF CEO, Matthew Shay expects consumers to continue their spending, particularly due to a strong job market.
Almost half of the holiday shoppers have started browsing and shopping before November, according to NRF data.
This year's holiday spending of between $957.3 billion and $966.6 billion expected to surpass last year's record spending of $929.5 billion, marking it the highest level on record.
Online holiday spending is projected to increase between 7% and 9% from last year, totalling an estimated $273.7 - $278.8 billion.