Columbia’s NRF says US holiday sales set to hit record $800bn as supply crises deepen

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Columbia’s NRF says US holiday sales set to hit record $800bn as supply crises deepen

On Wednesday, US National Retail Federation, the 110-year-old world’s largest retail trade body headquartered on Washington DC, said in a statement that US holiday sales could shoot up more than 10 per cent to a record $800bn-mark this year, as key consumer goods manufacturers alongside retailers had been ruching to prevent the fallouts of a lingering supply chain disruption.

Apart from that, the Washington DC-based retail trade group had told in a statement that an all-time high household savings that had been largely fleshed up on the back of a number of generous Government stimulus, coupled with rising wages in US labour market, would help Americans pay off more for consumers goods as companies have reportedly been set to cling on to a higher price during holiday sales in a bid to weather a worrisome uptick in inflation indicators.

Besides, while a consumers’ survey had underscored growing frets about product availability last week, NRF said that there would be an exceptional demand for holiday products this year, eventually ramping up price pressures and sales figures further.

Meanwhile, addressing to an out and out optimism of a stellar US holiday sales, NRF Chief Economist Jack Kleinhenz said, “If retailers can keep merchandise on the shelves and merchandise arrives before Christmas, it could be a stellar holiday sales season.

US holiday sales could hit record $800 billion this year

According to NRF, US holiday sales in November and December would highly likely to soar between 8.5 per cent and 10.5 per cent to an average of roughly $851.2 billion compared to a previous record of $777.3 billion hit last year.

Nevertheless, as several major retailers had been weathering a withering supply-crunch, many businesses also had started off their holiday sales as early as by September citing a longer delivery time alongside a low availability of big-ticket products.