The National Retail Federation (NRF), the world’s largest retail trade association, has forecasted 3.6 to 4 per cent increase in retail sales during the holiday season in November and December this year.
The association expects total retail sales to remain between US $ 678.75 billion and US $ 682 billion as against US $ 655.8 billion last year.
Additionally, the American retailers are likely to note a strong holiday season due to the strong consumer confidence and market sentiments, states the retail body.
In view of the impact of the storms on economic indicators, the NRF has issued this year’s forecast as a range rather than the usual (fixed) percentage. The body found it difficult to have more precise forecast this year.
According to NRF, seasonal employment this year is expected to range between 500,000 and 550,000 lower than last year’s 575,000. During the winter holidays, the majority of the retailers go for additional staff hiring to meet the demand.
Furthermore, the retail body has announced to make some modifications in its Thanksgiving weekend report to provide more accurate ‘entire expenditure’ on the Thanksgiving weekend. It will release the data on spending day after Cyber Monday on November 28.
