The National Retail Federation (NRF) announced today it expects sales in November and December 2016, excluding autos, gas and restaurant sales, to increase a solid 3.6% — significantly higher than the 10-year average of 2.5 percent and further above the seven-year average of 3.4 percent since recovery began in 2009. That takes forecasted sales up to a whopping $655.8 billion and $117 billion, respectively.
This strong up-tick is likely closely related to the fact that consumers have seen steady job and income gains, which results in higher confidence and use of credit. NRF’s holiday sales forecast is based on an economic model using several indicators including, consumer credit, disposable personal income and previous monthly retail sales releases.
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To view the entire sales forecast, which includes the non-store category (direct-to-consumer, kiosks and online sales.), visit nrf.com