NRF: US holiday retail sales are expected to grow by more than 8.5%, setting a record high!

According to a new forecast, although some toys, clothes and holiday gifts are still stranded in crowded ports during this year's holiday shopping season due to the global supply chain crisis, many eager consumers will still flock to offline stores or websites this holiday shopping season.

The National Retail Federation ( NRF ) said on Wednesday it expects U.S. holiday sales in November and December to grow 8.5% to 10.5%, with total sales estimated at between $843.4 billion and $859 billion , a figure that excludes consumer spending at auto dealerships, gas stations and restaurants .

This will mark a record high for holiday sales in the U.S. This year, which rose 8.2% to $777.3 billion from 2019, according to NRF data. With most consumers already vaccinated against COVID -19 and accustomed to life during the pandemic , holiday sales in 2021 will be smoother than in 2020.

Matt Shea, president and CEO of NRF, said that despite the shortage of supply chains and labor this year, many retailers have planned ahead to ensure that they have enough inventory to sell. Consumers may have to buy items that are not on their shopping lists due to insufficient inventory in some cases, but this will not dampen their shopping enthusiasm.

E-commerce sales are also expected to increase this year as more consumers add curbside pickup and home delivery services to their shopping habits . NRF expects U.S. online sales to grow 11% to 15% this year to $218.3 billion to $226.2 billion , significantly higher than the $196.7 billion last holiday .

At the same time, consumer optimism is also rising . NRF Chief Economist Jack Kleinz said that due to inflation, holiday commodity prices will generally rise this year. However, many families paid off their debts during the COVID-19 pandemic, which enabled them to afford higher product prices. These factors can affect consumers' holiday mentality to a certain extent .

Due to port congestion, rising material costs and a truck driver shortage, U.S. holiday discounts are expected to be tighter, shipping times will be longer and more out-of-stock items will be more common. Many retailers are encouraging shoppers to buy what they need as soon as they see it.

NRF

US Market

Holiday Shopping Season