Continued consumer resilience is helping retail sales rebound, the National Retail Federation said on Nov. 23. This caused the industry group to forecast that holiday sales during November and December will increase between 3.6% and 5.2% over 2019 to a total between $755.3 billion and $766.7 billion.
The numbers compare with a 4% increase to $729.1 billion last year and an average holiday sales increase of 3.5% over the past five years.
“We know this holiday season will be unlike any other, and retailers have planned ahead by investing billions of dollars to ensure the health and safety of their employees and customers,” NRF CEO Matthew Shay said in a statement. “Consumers have shown they are excited about the holidays and are willing to spend on gifts that lift the spirits of family and friends after such a challenging year. We expect a strong finish to the holiday season and will continue to work with municipal and state officials to keep retailers open and the economy moving forward at this critical time.”
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Source: Material Handling & Logistics