Despite reports of a gloomy economy, holiday shoppers are eager to spend their money on presents this year as sales could top $1 trillion, the National Retail Federation announced Thursday.
The annual holiday retail sales forecast for November and December calls for an increase of between 3.7 percent and 4.2 percent over 2024.
Total spending for the months is expected to reach between $1.01 trillion and $1.02 trillion—up to a 4.2 percent increase from 2024, the association reported.
“American consumers may be cautious in sentiment, yet remain fundamentally strong and continue to drive U.S. economic activity,” Matthew Shay, the Federation’s president, said in a statement. “We remain bullish about the holiday shopping season and expect that consumers will continue to seek savings in nonessential categories to be able to spend on gifts for loved ones.”…