The 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%.
and while there is continued stratification with consumer spending and behavior among households at different income levels, consumers remain resilient and continue to engage in commerce," NRF CEO Matthew Shay said.
A pedestrian carries a Carhartt shopping bag in the SoHo neighborhood of New York, Sunday, Oct. 24, 2021. As inflationary challenges persist, "many households will supplement spending with savings and credit to provide a cushion and result in a positive holiday season," Shay added. and other non-store sales alone are projected to rise between 10% and 12%, reaching between $262.8 billion and $267.6 billion.
Shoppers clutch their Nordstrom bags as pre-Thanksgiving and Christmas holiday shopping accelerates at the King of Prussia Mall in King of Prussia, Pa. Over the past decade, consumers have been starting their holiday shopping even earlier to stretch their budgets. This year is no different with 46% of shoppers saying that they planned to browse or buy products even before November, according to NRF’s annual survey conducted by Prosper Insights & Analytics.
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