The upcoming holiday season will likely be the biggest for US retail sales since the global financial crisis, an industry group has forecast.
The National Retail Federation (NRF) predicts sales will grow 4.3-4.8% versus the same period of 2017, generating sales revenue of $721 billion during the 2018 festive period. Such an increase would be down slightly on last year’s 5.3% rise – which analysts ascribed to upbeat consumer sentiment over expected tax cuts – but would exceed the five-year average of 3.9%.
The holiday season is vital to the retail sector, generating up to 40% of annual sales for some stores. NRF’s sales forecast, among the most eagerly anticipated in the industry, chimes with similar prognoses from Deloitte and PwC, which both predict seasonal sales growth of about 5%.