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10/29/2021
Retail sales records are expected to rise higher than ever, according to forecasts from the National Retailers Federation (NRF).
November and December holiday sales could grow up to 10.5% over last year, representing $859 billion in purchasing power, NRF officials said in a press release. That would trump 2020’s record-high of 8.2%, or $777.3 billion, not including sales from auto dealers, gas stations and restaurants.
Online sales are expected to increase up to 15% — to a total of $226.2 billion — up from $196.7 billion in 2020. Although the COVID-19 pandemic continues to drive higher e-commerce purchasing rates, families are likely to return to storefronts for a more traditional shopping season, NRF officials said.
"Retailers are making significant investments in their supply chains and spending heavily to ensure they have products on their shelves to meet this time of exceptional consumer demand," said NRF President and CEO Matthew Shay.
Although the future appears positive, another COVID-19 variant surge similar to the recent delta surge may sidetrack spending in the next few months, said NRF Chief Economist Jack Kleinhenz.
Retailers are predicted to hire more than half a million seasonal workers to prepare for the holiday rush, with some hiring done early due to household worries about lack of inventory and longer shipping times.
"If retailers can keep merchandise on the shelves and merchandise arrives before Christmas, it could be a stellar holiday sales season," Kleinhenz said.