Holiday Sales Predicted to Reach $630.5 Billion This Year
According to the latest predictions from the National Retail Federation, holiday sales in November and December are expected to reach $630.5 billion this year, up 3.7% from 2014.
This increase is higher than the 10-year average of 2.5% per year. But it would be slightly lower than the 4.1% increase which took place during the 2014 holiday season.
If the predictions are accurate, the 2015 holiday sales in America will represent 19% of overall retail sales of $3.2 trillion for the year.
“While economic indicators have improved in several areas, Americans remain somewhat torn between their desire and their ability to spend,” said NRF President and CEO Matthew Shay. “We expect families to spend prudently and deliberately, though still less constrained than what we saw even two years ago.”
In addition to an increase in retail sales, the NRF predicts a large boost in online sales, up 6-8% from last year. This could raise the total online sales for the holiday season to $105 billion.
To keep up with the high sales, retailers are expected to hire as many as 750,000 workers for the last two months of the year. Last year, 714,000 seasonal employees were hired for holiday positions.