It’s the federation’s highest estimate since it began tracking the data in 2017.īehind that outlook is a bullish view about consumer confidence and low unemployment. The group also estimates that 166 million people will shop from Thanksgiving through Monday, traditionally called Cyber Monday because of the rush to online bargains. It guesses nationwide spending for the holidays will be close to $960 billion. The group defines holiday sales as occurring in November and December and subtracts such items as gasoline and grocery purchases. The National Retail Federation, meanwhile, sees cash registers collecting from 6% to 8% more than they did during 2021. Karr’s group is cautious in its outlook, predicting holiday sales will rise about 5% from last year, notable but beneath the current rate of inflation. Both figures are somewhat below the national averages. a projection of $580 in last year’s survey. Overall, Accenture learned that people expect to increase their holiday spending, with the average Chicago-area resident estimating they’ll lay out $719, vs. found 45% reporting they started to shop in August. The firm’s survey of more than 1,500 people in the U.S. “It started as soon as the back-to-school sales were winding up,” said Lori Zumwinkle, North American retail lead at Accenture. They wanted to jump on early sales and spread out their spending. Consulting firm Accenture said it has noticed the rise of “organized consumers” who started their shopping lists weeks early. There’s evidence that a lot of gift buying is already finished. Analysts say consumers are eager to hit the stores and websites, even if the old habit of shopping on Thanksgiving or in the wee hours of Black Friday isn’t so popular anymore. Not even a tangle of cares over inflation, rising interest rates and possible layoffs in a recession can stop most people’s yen to spend.
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