The National Retail Federation (NRF; Washington, D.C.), announced its prediction for holiday sales may exceed the organization’s initial projections made back in October, and may be as high as 11.5 percent year over year, according to a press release. Its initial projections were an increase of 8.5 to 10.5 percent.
NRF Chief Economist Jack Kleinhenz says, “Now that we’re in December, the holiday shopping season is nearing the finish line. The question is how have factors ranging from economic indicators to the twists of the [Covid] pandemic affected the season so far, and what role will they play in the weeks that remain? There’s no crystal ball to provide a definitive answer, but the latest data is encouraging and provides useful insights. In fact, the season could turn out even better than we expected.”
According to NRF, spending as gone up by 12 percent and consumers’ disposable income has also increased by 4.1 percent. The first results related to official holiday spending won’t be known until December 15 when the Census Bureau unveils information regarding November 2021 sales.