US holiday spending is set to top last year’s record figure, as consumers dip into their savings and rely on credit to provide gifts for loved ones, the National Retail Federation (NRF) has forecast.Retail sales in November and December will grow between 6% and 8% year on year, for a total of.
As the Omicron variant began spreading, American consumers dialed back spending at a range of retail outlets during the December holiday shopping season, according to government data released Friday.
US holiday spending will “shatter” previous records as consumers dip into their sizable savings, the National Retail Federation (NRF) has forecast.Retail sales in November and December will advance 8.5% to 10.5% year on year, for a total of between $843.4 billion and $859 billion, the.
US consumers will spend more this holiday season as they return to travel and other experiences amid a reopening of the economy, according to a survey by Deloitte.Americans will shell out an average of $1,463 for festive purchases, compared to $1,387 in 2020, the consulting firm noted last.