Holiday Retail Spending On the Rise in 2017
You may feel like we’re only just settling into fall, but industry experts are already testing the air and making their holiday season predictions. According to the National Retail Federation, projected consumer holiday spending over November and December of this year is on track to make a 3.6-4% increase over 2016 levels–in other words, a potential increase of $27 billion. Their report takes into account consumer confidence levels, disposable income levels, yearly retail spending trends, and historical data.
Along with that strong vote of confidence, retailers (and last-minute shoppers) will be blessed with an extra weekend day for shopping between Thanksgiving and Christmas this year with 32 interim days compared to last year’s 31.
Retail hiring this year is on the rise, which may mean fewer stores will need to hire as many temporary seasonal workers. Having more permanent team members on hand to help with holiday shopping and promotions might be another area that could influence increased sales for the coming season.
Time to spruce up those seasonal displays: these projections may be pointing to November and December spending, but research shows a majority of Americans start their holiday shopping as early as October!