GJ Town India

Americans are expected to spend a record amount on Valentine’s Day this year despite a years-long decrease in the percentage of people celebrating the holiday, according to the annual survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics. “The vast majority of Valentine’s Day dollars are still spent on significant others, but there’s a big increase this year in consumers spreading the love to children, parents, friends and co-workers,” NRF President and CEO Matthew Shay said. “Those who are participating are spending more than ever and that could be the result of the strong economy. With employment and income growing, consumers appear to be expanding the scope of who qualifies for a card or a box of candy.” Those surveyed said they would spend an average $161.96. That’s up 13 percent from last year’s $143.56 and easily tops the previous record of $146.84 set in 2016. Total spending is expected to be $20.7 billion, which is an increase

NRF Forecasts holiday sales rocks! The National Retail Federation (NRF) announced that it expects holiday retail sales in November and December – excluding automobiles, gasoline and restaurants – to increase between 4.3 and 4.8 percent over 2017 for a total of $717.45 billion to $720.89 billion. The forecast compares with an average annual increase of 3.9 percent over the past five years.   “Our forecast reflects the overall strength of the industry,” NRF President and CEO Matthew Shay said. “Thanks to a healthy economy and strong consumer confidence, we believe that this holiday season will continue to reflect the growth we’ve seen over the past year. While there is concern about the impacts of an escalating trade war, we are optimistic that the pace of economic activity will continue to increase through the end of the year.” Holiday sales in 2017 totalled $687.87 billion, a 5.3 percent increase over the year before and the largest increase since the 5.2 percent year