NRF Sees Even Brighter Holiday
The holiday is looking even brighter to the National Retail Federation.
“The start of the holiday season has surpassed all expectations,” said NRF President and Chief Executive Officer Matthew Shay in a statement.
According to the NRF, November sales of clothing and accessories stores increased 2.7 percent from October and 9.6 percent over last year.
“Consumers have not been suffering from a lack of spending power, they’ve just been missing the confidence to use it,” said NRF Chief Economist Jack Kleinhenz. “With noticeable improvement in key economic indicators combined with great deals on merchandise, consumers have certainly shown they shouldn’t be counted out this holiday season.”
After reviewing November’s positive retail sales numbers, the Washington, D.C.–based trade association revised its holiday forecast and projected a 3.3 percent increase over last year. (Before November, the NRF had been expecting a 2.3 percent gain.)
Despite the positive news, Shay cautioned that U.S. employment remains a factor in the country’s economic recovery.
“While employment data is still a concern, we are starting to see improvement in other economic indicators that support an increase in our forecast,” he said. “In order to sustain this momentum for retailers and the U.S. economy, there must be a renewed focus on jobs as we enter the new year.”—Alison A. Nieder
