NRF is optimistic about US consumer sentiment! It predicts that holiday spending will reach $960.4 billion!

It is learned that according to the National Retail Federation (NRF)'s forecast for the 2022 holiday sales season, NRF predicts that holiday retail sales in November and December will increase by 6%-8% compared with 2021, reaching US$942.6 billion to US$960.4 billion, and consumers plan to spend an average of US$832.84 on gifts and holiday items (such as decorations and food).

Last year's holiday sales set a record, up 13.5% from 2020, totaling $889.3 billion. According to NRF data, holiday retail sales have increased an average of 4.9% over the past 10 years, with the epidemic in recent years being the main driving force.

NRF expects online and other non-store sales to grow 10%-12% to $262.8 billion to $267.6 billion, up from $238.9 billion last year.

NRF said digital channels saw incredible growth in 2021 as consumers turned to online shopping to meet their holiday needs during the pandemic. NRF predicts that while e-commerce will remain important, families are also expected to return to in-store shopping and more traditional holiday shopping.

The forecast mirrors research from NPD Group, which found that 80% of U.S. shoppers plan to buy online this year, down from 85% in 2021 but still up from 76% in 2019.

NRF consumer data shows that over the past decade, consumers have begun holiday shopping at this time of year to spread their budgets and avoid holiday shopping stress. Given concerns about inflation, 46% of holiday shoppers said they plan to browse products or purchase before November.

“While consumers are feeling the pinch of inflation and rising prices, and consumer spending and behavior continue to stratify across income levels, consumers remain resilient and continue to signal spending is on the rise,” said Matthew Shay, NRF president and CEO.

Editor ✎Estella/

Disclaimer: This article is copyrighted and may not be reproduced without permission.