NEW YORK– The largest retail group in the United States said on Tuesday it expects consumers to spend more in the near future holiday shopping season but sales growth will be slower than last year due to concerns about continued inflation and prices.
The National Retail Federation said its 2024 forecast shows consumers will make $979.5 billion to $989 billion in purchases in November and December, which would represent a 2.5% to 3.5% increase over the same period from two months a year ago.
However, the $955.6 billion spent during the 2023 holiday shopping season was 3.9% more than 2022.
The group makes its calculations based on government figures. The figures exclude sales at car dealers, gas stations and restaurants.
The forecast takes into account economic indicators such as employment, wages, consumer confidencedisposable income, consumer credit, previous retail sales and weather.