The largest retail group in the United States said Tuesday it expects consumers to spend more in the coming year holiday shopping season but sales growth will be slower than last year due to concerns about persistent inflation and prices.
The National Retail Federation said its 2024 forecast shows shoppers making $979.5 billion to $989 billion in purchases in November and December, which would represent an increase of 2.5% to 3.5% compared to the same period of two months a year ago.
However, the $955.6 billion spent during the 2023 holiday shopping season was 3.9% more than in 2022.
The group makes calculations based on government data. The figures do not include sales at car dealers, gas stations and restaurants.
The forecast takes into account economic indicators such as employment, wages, consumer trustdisposable income, consumer credit, previous retail sales and weather.
