The U.S. has started celebrating its annual shopping spree which is expected to be the busiest buying season from the mountains to the prairies over the recent years. According to a forecast by the National Retail Federation (NRF), holiday sales (November and December) will see a solid 4.1% jump to $616.9 billion. The NRF prediction is higher than both last year’s growth of 3.1% and the 10-year average sales increase of 2.9%.
As per Shop.org online sales too are projected to increase 8–11% to around $105 billion for this holiday season. In fact, retail sales have already rebounded in October with a 0.3% rise against a 0.3% decline in the prior month, and these projections tag along big promises for the retailers.
What set the mood? Of course an improving economy and consequent positive sentiments. There is a rise in the number of people getting hired (the unemployment rate fell to 5.8% in October – the lowest since Jul 2008 – from 5.9% in September) plus consumer confidence is building up (index moved up to 94.5 in October from 89.0 in September). Adding fuel to the fire is the falling oil price, which is leaving people with more disposable income.
