The growth rate is expected to fall short of the pace of the last three years but is consistent with the average annual increase of 3.6% from 2010 to 2019. [...] Convenience is part of the calculus of a successful holiday season, and the increase in online shopping has been one of the biggest shifts that have resulted from the pandemic. [...] There are a number of headwinds facing the consumer in the final two months of 2023 that pose significant risks: gas prices have been on the rise throughout much of 2023, credit card balances are higher and borrowing costs are on the rise, savings rates are down, elevated inflation persists, student loan payments are resuming, and both job and wage growth are lessening. [...] Putting all these considerations together, I expect the recent rhythm of spending will continue into the holiday season and that consumers will continue to spend on a range of items and experiences but at a slower pace. [...] NRF Monthly Economic Review | November 2023 | NRF.com D ATA T E L L S T H E S TO RY | November’s Monthly Economic Review S A L E S A N D S E N T I M E N T N R F H O L I D AY F O R E C A S T Steady retail sales growth has stayed closely within the NRF expects holiday spending to increase between range of the three-month moving average of 3% for five 3% and 4%, which is consistent with the 10-year m.
Authors
- Pages
- 4
- Published in
- United States of America
