Retail trade group expects strong season
by Kent Covington
Posted 11/25/20, 04:03 pm
Spending over the holidays could increase by roughly 3.5 percent over last year, according to the National Retail Federation—despite an economy still limping from COVID-19 lockdowns. Last month’s consumer spending increased by 0.5 percent—the weakest rise since April, according to the Commerce Department.
How is that possible? The federation said several factors could counteract the economic effects of the pandemic, including a robust stock market, record personal savings rates, and growing home values. The forecast also suggested holiday online sales could top $200 billion for the first time, up from about $169 billion last year.
Dig deeper: Read Jenny Lind Schmitt’s report on the cost of recent lockdowns in Europe.
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