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NRF: Holiday Spending Could Top $966B, but Shift from Goods to Services Continues

November 3, 2023


The National Retail Federation (NRF) is predicting robust holiday sales, with U.S. spending forecast to climb 3%-4% over 2022, generating between $957.3 billion to $966.6 billion. While the 2023 growth rate is lower than in recent years, when stimulus spending helped inflate retail sales, it’s in line with the average annual holiday increase of 3.6% seen from 2010 to 2019.

“It is not surprising to see holiday sales growth returning to pre-pandemic levels,” said Matthew Shay, President and CEO of the NRF in a statement. “Overall household finances remain in good shape and will continue to support the consumer’s ability to spend.”

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