Deal-hungry shoppers will squeeze holiday sales growth to pre-pandemic levels, retail group says
Publishing timestamp: 2023-11-02 13:09:40
Summary
The NRF expects holiday shoppers to spend more this year, but their focus on value and deals is likely to push growth back down to pre-pandemic levels. The NRF forecasts a 3% to 4% year-over-year increase in sales during the November and December shopping season. However, there are challenges such as elevated prices, higher interest rates, and geopolitical threats that may moderate consumer behavior. Major retailers like Target and Macy's have tempered expectations for the holidays and are adopting a more cautious approach. Shoppers are expected to spend an average of $875 on holiday items, with sales and promotions being important to them.
Sentiment: MIXED
Keywords: retail industry, business news, target corp, business, home depot inc, breaking news: business, breaking news: economy, walmart inc, macy's inc, prices, economy,
Source: https://www.cnbc.com/2023/11/02/nrf-2023-holiday-sales-forecast.html