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NRF Predicts Holiday Growth

Consumer concerns about US economy at lowest level on record.
Nov 1, 2017 7:18 AM   By Rapaport News
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RAPAPORT...
US holiday sales and consumers’ average spending will rise this season, amid strong sentiment about the economy, according to projections by the National Retail Federation (NRF).

Retail sales in November and December will increase 3.6% to 4% for a total of between $678.8 billion and $682 billion, the organization said recently. Shoppers will spend an average of $967, up 3.4% from $936 a year ago, according to a survey Prosper Insights & Analytics carried out for the NRF.

Only 27% of consumers say concerns about the US economy will affect their spending, compared with 32% last year, when the presidential election led to widespread uncertainty, the NRF continued. This anxiety level is the lowest since the NRF started asking consumers the question during the financial crisis in 2009, it said.

“With employment and incomes increasing, consumers are more confident this year, and that is reflected in their buying plans for the holidays,” said Matthew Shay, CEO of the NRF. “Retailers have been stocking up in expectation of this, and all signs are that this will be a busy holiday season.”

Retailers shipped in a record amount of merchandise late this summer in anticipation of the strong selling period, the NRF explained. Imports are continuing at an “unusually” high level in the fall, it added, citing the body’s own Global Port Tracker report.

Image: Tyler Olson/Shutterstock
Tags: consumer confidence, Consumer Spending, Global Port Tracker, holiday sales, Matthew Shay, National Retail Federation, NRF, Prosper Insights & Analytics, Rapaport News, retail, retailers, US economy
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