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U.S. holiday sales could hit record levels of over $800 billion - NRF

Economic IndicatorsOct 27, 2021 02:03PM ET
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© Reuters. FILE PHOTO: FILE PHOTO: Shoppers carry bags of purchased merchandise at the King of Prussia Mall, United States' largest retail shopping space, in King of Prussia, Pennsylvania, U.S., December 8, 2018. REUTERS/Mark Makela/File Photo/File Photo

By Praveen Paramasivam

(Reuters) -U.S. holiday sales could rise over 10% this year, a trade body said on Wednesday, as major consumer goods makers and retailers work to prevent supply chain disruptions from leaving shelves empty of in-demand toys and games.

The National Retail Federation (NRF) forecast sales to increase between 8.5% and 10.5%, to between $843.4 billion and $859 billion, during November and December, compared with a previous high of $777.3 billion last year. The numbers exclude automobile dealers, gasoline stations and restaurants.

Rising income and stronger-than-ever household savings would help people pay more for goods when companies are raising prices to counter inflation, NRF said. It added there is exceptional demand for holiday products, although a survey last week highlighted customers' worry about availability.

"If retailers can keep merchandise on the shelves and merchandise arrives before Christmas, it could be a stellar holiday sales season," NRF Chief Economist Jack Kleinhenz said.

NRF also said the arrival of international travelers https://www.reuters.com/world/us/us-outline-nov-8-international-travel-reopening-vaccination-rules-2021-10-25 would further boost sales.

"That's going to give a jolt to the retail side, because there is a high correlation between international travelers and tourism in the U.S., and retail sales," NRF President Matthew Shay told reporters.

Several retailers had also begun their holiday selling as early as September, warning of longer delivery times and low product availability.

"There may be some categories in which there will be some shortages or which consumers will need to do some switching or trading ... they won't go home empty-handed," Shay said.

Amazon.com Inc (NASDAQ:AMZN) has secured more shipping storage, while Levi Strauss & Co (NYSE:LEVI) has redirected its goods to come in through East Coast ports, away from the congested West Coast.

Trade association ICSC also forecast https:// an 8.9% increase in November-December sales, expecting total sales to reach $923 billion. It also expects food and beverage establishments to grow 35.4%.

U.S. holiday sales could hit record levels of over $800 billion - NRF
 

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Comments (7)
Jokers R Us
Jokers R Us Oct 27, 2021 6:01PM ET
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US dollars value is not a constant, it’s not backed by anything. “Record numbers of sales” means nothing if your currency is constantly devaluing.
William Bailey
William Bailey Oct 27, 2021 6:01PM ET
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Backed by bank ledgers , assets its assigned to, but crypto has no ledger with assets … worth 0
king michael
king michael Oct 27, 2021 2:57PM ET
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Because of a real 50% inflation for year so far ? Why homeless people keep going up? Why far less family can afford for a house everyday? What that $800 billion mean to working American, hand over extra $800 billion to rich and politician ?
Charles Sturrock
Charles Sturrock Oct 27, 2021 1:20PM ET
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Garbage propaganda article. The Stimmy Train has left the station, employment is still a mess, and Americans for the most part, are already leveraged up to their eyeballs. The only way holiday sales surge 10%, is if a large part of the US consumer, had a substantial available balance on their credit cards, or, they have equity available in their mortgage they have not yet drained dry. In both instances, the answer is the average American does not have the capacity to boost holiday sales by 10%. A market boosting attempt written by Reuters. Go market your propaganda somewhere else Reuters, we ain't buying it here.
Wilks Campbell
Wilks Campbell Oct 27, 2021 12:47PM ET
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The CCI is jumping cliff, this article is non professional. Just ba ba ba, try to convey wrong message to trip investors. The situation is bad so the retailers need to do more to protect their sales, this is not a good news! How can someone blah blah this to push up the market! This is insulting investor. talk the bad things into good thing! This is absurd !
jason xx
jason xx Oct 27, 2021 11:46AM ET
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How can sales rise with no product
MK MK
MK MK Oct 27, 2021 11:46AM ET
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Very simply: sell less items with much higher price :)
ben sc
ben sc Oct 27, 2021 11:45AM ET
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Reuters spin cycle!
ben sc
ben sc Oct 27, 2021 11:45AM ET
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With 6 million less employed than pre covid its not likely. And counting sales from SEPTEMBER is gaming the sales numbers a bit.
 
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