US holiday shopping could beat forecast
December could now grow as much as 11.5% YoY The 2021 holiday season appears to be on track to exceed the National Retail Federation’s forecast for record spending despite supply chain disruptions, inflation and challenges like the new Covid-19 omicron variant, NRF Chief Economist Jack Kleinhenz said. “Now that we’re in December, the holiday shopping season is nearing the finish line,” Kleinhenz said. “The question is how have factors ranging from economic indicators to the twists of the Covid-19 pandemic affected the season so far, and what role will they play in the weeks that remain? There’s no crystal ball to provide a definitive answer, but the latest data is encouraging and provides useful insights. In fact, the season could turn out even better than we expected.” “Consumers and retailers have both revised their playbooks and broken with previous traditions,” Kleinhenz said. “With the momentum we’ve seen so far likely to continue, it seems probable that we will exce