NRF: Holiday Spending Growth Could be Between 3.6 and 5.2 Percent

The National Retail Federation (NRF; Washington, D.C.) has predicted holiday spending growth to fall between a range of 3.6 and 5.2 percent over last year, Retail Dive reports. The wide range is due to uncertainty from the ongoing COVID-19 pandemic as well as the U.S. Presidential Election.

NRF also anticipates e-commerce to make some large growths – between 20 and 30 percent, to gain between $202.5 and $218.4 billion. This would be up from $168.7 billion in 2019.

NRF President and CEO Matthew Shay said in a press statement: “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. 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.”