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Holiday retail sales’ growth forecast revealed?

Dec 16, 2019

A lot of consumers began their shopping early this year, with some starting before November

Holiday retail sale

Holiday retail sales’ growth forecast revealed. Source:?shutterstock.com

According to NRF report, November retail sales increased 0.1% seasonally adjusted over October, growing also up 2.1% unadjusted year-over-year.

November showed modest growth on the surface, but you have to remember that the late timing of Thanksgiving delayed the beginning of the busiest portion of the holiday season and pushed Cyber Monday’s billions of dollars of retail sales into December. These numbers are more about the calendar than consumer confidence. Consumer spending has been solid, and there’s still a lot of spending to be done. With strong employment and higher wages, we’re on track for a strong holiday season
Jack Kleinhenz, NRF Chief Economist 

November 2018 was unusually strong with 4.7% income over the year before, whereas December was down 0.2 percent from the past year.

Surveys showed that 39% of customers planned to begin holiday shopping by Halloween. Another part of surveyed revealed they had completed on average 52% of their shopping as of the Thanksgiving Day weekend.

NRF predicts that November and December holiday retail sales will rise between 3.8% and 4.2% coming to a total of between $727.9 billion and $730.7 billion.

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