Many retailers will see an increase in holiday shopping this year, according to a new report from the National Retail Federation (NRF).
The organization projects holiday spending to increase between 4.3 and 4.8 percent in November and December. That figure could translate to holiday spending between $717 and $720 billion, according to the report.
“Our forecast reflects the overall strength of the industry,” NRF president and CEO Matthew Shay says. “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. While there is concern about the impacts of an escalating trade war, we are optimistic that the pace of economic activity will continue to increase through the end of the year.”
In 2017, holiday sales amounted to $687 billion, which was a 5.3 percent gain over 2016’s end-of-year spending levels.
“With this year’s forecast, we continue to see strong momentum from consumers as they do the heavy lifting in supporting our economy. 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,” says Jack Kleinherz, NRF’s chief economist.
The NRF estimates that building materials and garden equipment and supplies dealers garnered $60.5 billion in 2017 holiday sales. If the NRF’s estimates of 4.3 percent 2018 holiday sales growth hold true, retailers in that sector could see roughly $63.1 billion in 2018 holiday sales.
Get your business ready for an increase in shoppers this holiday season with Home Sweet Home holiday signage. The kit includes social media graphics, shelf talkers and bag stuffers you can share with customers to remind them of the importance of shopping local this holiday season.