Columbia’s NRF says US holiday sales surmount supply chain snarls

by   |  VIEW 1332

Columbia’s NRF says US holiday sales surmount supply chain snarls
Columbia’s NRF says US holiday sales surmount supply chain snarls

On Friday, US National Retail Federation (NRF), the Washington DC-headquartered world’s largest retail trade association, had issued a statement saying that US holiday sales rose higher-than-anticipated, as more Americans appear to have returned to brick-and-mortar stores despite a surge in Omicron cases.

Nonetheless, supply chain bottlenecks had reportedly curbed out a substantial chunk from retail sales, as a steep lack of materials had been leading to a gut-wrenching gobble up in price pressures, limiting the American households’ purchasing power.

According to NRF, US holiday sales in 2021 between November 1 and December 24 stood at $886.7, which had handily beaten an analysts’ estimate, while US e-commerce sales soared by a condoling 14.1 per cennt, beating a latest forecast of 11.5 per cent.

Meanwhile, addressing to an affirmative US holiday sakes outlook, NRF Chief Executive Matthew Shay said in a statement, “Despite supply chain problems, rising inflation, labor shortages and the Omicron variant, retailers delivered a positive holiday experience to pandemic-fatigued consumers and their families.

US holiday sales soar to record as US household wealth hover at record

In point of fact, latest jubilant US holiday sales data came against the backdrop of a much squeezed labor market with unemployment rate tumbling to a 22-monthh low of 3.9 per cent, eventually stoking hope of a maximum employment in a near term.

Aside from that, in an alignment with a lack of available workers in the US, employers had heightened up wages by a substantial scale last year, eventually leading to a higher inflation amid a supply chain bottleneck, while a roaring US capital market alongside a better landscape in households’ savings amid unjustified, yet lucrative stimulus checks from the Biden Administration had led to a vigorous US holiday sales with American forking out a higher-than-anticipated sum on wide ranging goods ranging from furniture to electronics.