NRF Says Holiday Retail Sales To Set Records
On Wednesday, October 27, the National Retail Federation predicted an 8.5% to 10.5% growth in retail sales in November and December 2021 compared to the same period a year ago, with projections ranging from 843, $ 4 billion to $ 859 billion in the United States during the holidays. shopping season.
Consumers set the previous holiday shopping record last year spending $ 777.3 billion, up 8.2% from 2019. The increase averaged 4.4% over the past year. of the last five years, according to the NRF announcement.
“There is tremendous momentum as the holiday shopping season approaches,” NRF President and CEO Matthew Shay said in the ad. âConsumers are in a very favorable position for the final months of the year as incomes rise and household balance sheets have never been so strong. Retailers are investing heavily in their supply chains and spending heavily to ensure they have products on their shelves to meet this period of exceptional consumer demand. “
NRF forecasts indicate an 11% to 15% growth in online and other non-store sales, reaching between $ 218.3 and $ 226.2 billion, up from $ 196.7 billion in 2020. E-commerce will remain. an important tool for holiday shoppers this year, but NRF expects them to return to more store shopping in 2021.
“The unusual and beneficial position we find ourselves in is that households have vigorously increased their spending for most of 2021 and retain great purchasing power for the holidays,” said Jack Kleinhenz, chief economist of the NRF , in the ad. âSupply chain disruptions related to the pandemic have caused shortages of goods and most of the inflationary pressures this year. With the prospect of consumers looking to shop early, stocks could be reduced sooner and shortages could develop in the final weeks of the shopping season, âhe said.
The NRF expects retailers to hire between 500,000 and 665,000 seasonal workers, up from 486,000 last year.
Related news: Discounts harder to find amid supply chain bottlenecks
Supply chain issues and inflation could mean buyers will find fewer sales this holiday season, especially with out-of-stock messages up 172% from January 2020, according to Adobe, Inc. , which follows 18 categories, mainly clothing, sporting goods, baby products and electronics.
Walmart Inc., Costco Wholesale Corp. and The Home Depot told The Wall Street Journal earlier this month that the lack of inventory has allowed them to keep prices higher as buyers are willing to pay more with a lower supply.