Booming Holiday Sales Numbers Have Experts Predicting Billions More In Profits Over 2020
NORTH TEXAS (CBSDFW.COM) - Christmas is a week away and holiday spending is at an all-time high this year, according to the National Retail Federation.
It is estimated that consumers will spend nearly $1,000 on gifts, holiday items and other non-gift purchases for themselves and their families.
Online and other non-store sales are expected to increase between 11% and 15% totaling to $218 billion, and $226 billion for online purchases. That number has significantly risen compared to last year's $196 billion.
There's a strong demand for electronics, cars, and appliances. The NRF is crediting the rise in sales on the pandemic because for many, this will be the first Christmas in two years that they have spent with their loved ones.
"[Retailers] want this holiday season to feel special," Cullen said. "They want grandparents who may not have gotten to celebrate the holidays with kids last year getting together with gifts, with other items, big family gatherings and dinners, where it's safe and where people feel comfortable."
Cullen says people started buying gifts much earlier this year too.