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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

Retailers demonstrate ability, ensuring safe shopping!   Over 40 percent of holiday shoppers say they started earlier than they normally do, according to the annual survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics.   “Retailers have demonstrated their commitment and ability to ensure safe shopping environments for their customers and their associates,” said NRF President and CEO Matthew Shay. “With consumers looking to fulfill their gift lists earlier this year, retailers are prepared to meet that demand with deep discounts, robust inventory and providing the best experiences possible whether in store or online.”   As of early November, 59 percent of holiday shoppers say they had started making purchases, a 21 percent increase from a decade ago. Even so, there is still plenty of shopping left to do. On average, holiday shoppers say they have completed only 26 percent of their shopping so far. Retailers’ top priority is the health and sa

Resiliency of Consumers pushes US Retail Sales Growth!   Retail sales have largely recovered from the pandemic heading into the holiday season but the growing number of coronavirus cases remains a threat and additional federal stimulus could help keep the economy on track, National Retail Federation Chief Economist Jack Kleinhenz said.   “Strong growth in retail sales during the last few months points to the resiliency of consumers even in this disruptive pandemic environment,” Kleinhenz said. “Taking in all the evidence available, the U.S. economic recovery has progressed more quickly than generally expected.”   Kleinhenz agreed with Federal Reserve Chairman Jerome Powell’s recent call for additional federal stimulus, which the chairman said “will not go to waste” even if it is more than necessary. “While there might be sufficient momentum and resiliency to propel the economy in the months ahead, additional fiscal policy support is critical to ensure that the recovery doesn’t st