(New York, NY) — Holiday sales are slated to set a new record in 2024.
The National Retail Federation announced that they could go up by as much as three-and-a-half percent from last year, reaching about 980-billion-dollars. This comes after inflation begins to cool. Last month’s interest cuts easing borrowing costs could have also had an impact on the higher expected holiday spending.
NRF expects retailers will hire between 400,000 and 500,000 seasonal workers this year.
One differentiating characteristic from last year’s holiday shopping season is that the shopping period between Thanksgiving and Christmas will be five days shorter, totaling 26 days. Additional contributing factors this year could include the economic impact of Hurricanes Helene and Milton.
NRF’s holiday forecast is based on economic modeling using various key economic indicators including consumer spending, disposable personal income, employment, wages, inflation and previous monthly retail sales releases. NRF’s calculation excludes automobile dealers, gasoline stations and restaurants to focus on core retail. NRF defines the holiday season as Nov. 1 through Dec. 31.
