Consumers expected to spend record amount on holiday shopping this season, says retail group
WASHINGTON — Shoppers are expected to spend a record amount of money this holiday season, including billions more online compared to last year, according to the National Retail Federation.
In its latest forecast, the NRF says overall holiday spending between Nov. 1 and Dec. 31 is projected to be around its typical growth rate of 3% to 4% — between $957.3 billion and $966.6 billion.
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But online holiday spending could jump up to 9% over last year, which would be a $23 billion increase.
"We expect spending to continue through the end of the year on a range of items and experiences, but at a slower pace. Solid job and wage growth will be contributing factors this holiday season, and consumers will be looking for deals and discounts to stretch their dollars," said NRF Chief Economist Jack Kleinhenz.
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NRF's recent holiday survey also found that 43% of shoppers already started making holiday purchases before November, and the average shopper is planning to spend about $875 on gifts, decorations, food and other holiday items.
Retailers are also expected to hire between 345,000 and 450,000 seasonal workers, which is on par with last year's numbers.