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US Holiday Sales Expected To Rise By 10.5 Pct

US Holiday Sales Expected To Rise By 10.5 Pct

US Holiday Sales Expected To Rise By 10.5 Pct

This year, U.S. holiday sales could increase by more than 10 percent as manufacturers and retailers race to prevent supply chain issues and stock up their inventory.

According to a forecast by the National Retail Federation (NRF), sales could increase in the 8.5 percent to 10.5 percent range in the next two months, reaching $843.4 billion to $859 billion. This would be a marked improvement over the $777.3 billion in sales that were recorded last year.

“If retailers can keep merchandise on the shelves and merchandise arrives before Christmas, it could be a stellar holiday sales season,” NRF Chief Economist Jack Kleinhenz said.

Some of the other key factors that are primed to drive holiday sales momentum this year include rising income and the fact that household savings are at an all-time high. Both of these factors are likely to help consumers pay for goods even though retailers have hiked prices to deal with inflation. Additionally, there is rampant demand for products this year even though consumers are worried about availability, and the opening of borders is likely to have a positive impact on U.S. holiday sales, according to NRF.

“That’s going to give a jolt to the retail side because there is a high correlation between international travelers and tourism in the U.S. and retail sales,” NRF President Matthew Shay said.

These trends are prompting several major U.S. retailers to encourage their customers to shop early and reassess their shipping strategy. For example, Levi Strauss & Co and Crocs are having products shipped through East Coast ports to avoid the congested California port. Meanwhile, Amazon has reportedly secured more shipping storage.

“There may be some categories in which there will be some shortages or which consumers will need to do some switching or trading… they won’t go home empty-handed,” Shay said.

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