US holiday sales expected to grow modestly in 2024, with online shopping as the main driver

It is learned that on October 15, according to foreign media reports, the National Retail Federation (NRF) predicted that holiday sales will grow moderately in 2024, and total spending in November and December is expected to be between US$979.5 billion and US$989 billion, an increase of 2.5% to 3.5% from last year's US$955.6 billion.

According to the forecast, online shopping will be the main force driving overall growth, and online and other non-store sales are expected to grow by 8% to 9% to $295.1 billion to $297.9 billion, up from $273.3 billion last year. NRF pointed out that this year's holiday season will be more compact, with only 26 days between Thanksgiving and Christmas, six days less than last year. In addition, recent hurricanes Helen and Milton and the upcoming US presidential election may put pressure on consumer spending.

In response to holiday shopping demand, retailers are expected to hire 400,000 to 500,000 seasonal employees before the holidays, slightly lower than last year's 509,000. Large retailers such as Target and Amazon have begun to announce holiday hiring plans, and some job recruitment may be brought forward to October to cope with the pre-holiday shopping rush.

Despite some challenges, NRF Chief Economist Jack Kleinhenz said that the financial situation of American households remains solid, providing momentum for strong spending during the holiday season. Although consumer spending will be more cautious, overall economic activity still shows good growth potential, and holiday sales are expected to achieve positive results.

Author ✎ Rayna/

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