US holiday sales growth will slow down! Which categories have the best chance of explosive sales?

It is learned that according to the forecast of the National Retail Federation (NRF), online spending in the United States during the 2023 holiday season will increase by 3% to 4% year-on-year to US$957.3 billion to US$966.6 billion.

NRF noted that due to macroeconomic headwinds such as rising interest rates, this year's U.S. holiday season sales growth will return to the average level of the decade before the outbreak, which was 3.6% from 2010 to 2019.

NRF predicts that U.S. online and other non-store sales will grow 7% to 9% in November and December, to $273.7 billion to $278.8 billion, up from $255.8 billion last year.

NRF Chief Economist Jack Kleinhenz said that despite regulatory headwinds such as inflation, rising gasoline prices and rising interest rates, consumer spending remains resilient and consumers will spend a lot of money on a variety of items and experiences, but spending levels have declined compared to previous years. Stable employment and wage growth are the driving factors for sales this holiday, and consumers will seek deals and discounts to save money.

NRF data showed that U.S. online spending rose 2021% year-on-year to $93.63 billion during the holiday season last year, failing to meet expectations for growth of 6% to 8% as inflation and rising interest rates curbed spending.

Earlier, a survey commissioned by NRF and conducted by Prosper Insights & Analytics showed that this holiday season, American consumers expect to spend an average of $875 on gifts, decorations, food and other important seasonal items. This amount is $42 higher than the amount consumers plan to spend in 2022 and is consistent with the average growth rate over the past five years.

It is worth noting that the latest survey from RetailMeNot shows that the most popular product categories this holiday season are:

• Gift cards: 54%

• Clothing, shoes and accessories: 47%

• Toys and games: 42%

• Coins: 33%

• Food and beverages (e.g. food hampers, wine, spirits): 30%

• Electronics (e.g. laptops, gaming consoles, smartphones): 24%

• Makeup and skincare: 24%

• Jewelry: 23%

Electronics (83%), makeup and skincare (79%), and toys and games (77%) are the categories where holiday shoppers are most eager to get discounts and offers.

Editor ✎ Nicole/

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