Last year, holiday sales grew a modest 5.3% over 2021, according to the National Retail Federation. These results fell below initial predictions due to economic volatility driven by inflation and high interest rates, which explains why retailers are extra cautious this year. While the NRF has yet to release its total sales projections for the season, its early consumer research reveals that consumers plan to spend an average of $875 this holiday season, in line with the five-year average — and most of that money will be spent online.
