U.S. shoppers are poised to spend as much $960 billion this holiday season, a slower pace of growth than 2021. “Consumers are behaving more thoughtfully,” National Retail Federation president Matthew Shay says.
Consumer spending has held up relatively well so far despite inflation, but experts say we’re approaching an inflection point. WSJ’s Sharon Terlep explains the role “elasticity” plays in a company’s decision on whether to raise prices. Photo illustration: Adele MorganHoliday retail sales are slated to increase at a slower rate than last year, retail industry groups and consultants say, as consumers continue to face strains from higher prices.
On Thursday the National Retail Federation predicted sales will rise between 6% and 8% to between $942.6 billion and $960.4 billion from Nov. 1 through Dec. 31. The figures exclude spending at car dealers, gas stations and restaurants.
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Holiday sales expected to shatter records in 2022, says National Retail FederationFueling projections for a record holiday sales season, many Americans have excess savings, and labor market has remains strong despite rising interest rates.
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Despite inflation woes, experts predict better holiday sales compared to last year'In the face of these challenges and in the face of the uncertainty that's taking place across the economy, consumers are behaving more thoughtfully, a bit cautiously but they continue to spend,' said NRF President and CEO Matthew Shay.
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Retail trade group says shoppers will lean on savings and credit throughout holiday seasonThe National Retail Federation estimated Thursday that sales growth will range between 6% and 8% which is down from last year when sales growth was around 13.5%.
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Inflation chills holiday sales, consumers lean on savings and credit, retail group saysThe National Retail Federation expects that holiday sales growth this year to slow from last year's blistering pace.
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Holiday shopping forecast details growth in consumer spending, some economic signals show otherwiseA forecast released Thursday by the National Retail Federation expects to see a 6 to 8 percent growth in holiday spending over 2021.
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