The National Retail Federation (NRF) has lowered its holiday sales growth forecast for this year, citing headwinds such as inflation and supply chain disruptions. The trade group now expects holiday sales to increase between 6.5% and 8.5% year-over-year, down from its previous forecast of 8.5% to 10.5%. The NRF’s annual holiday sales forecast is based on a survey of its members, as well as data from government agencies and economic research firms. The survey found that retailers are planning to offer deeper discounts and promotions this year in order to attract shoppers and compete with online retailers..
The NRF’s forecast is in line with other recent predictions. Earlier this month, Deloitte released a holiday sales forecast that predicted a 4% to 6% increase in sales over last year. And last week, PwC released a forecast that predicted a 5% to 7% increase in holiday sales. The NRF’s forecast is also in line with the Federal Reserve’s expectations for economic growth. In its latest economic projections, the Fed predicted that the economy will grow by 5.9% this year, down from its previous forecast of 7%..
The NRF’s holiday sales forecast is still positive, but it reflects the challenges that retailers are facing this year. Inflation is running at a 40-year high, and supply chain disruptions are making it difficult for retailers to get the products they need. In addition, the COVID-19 pandemic is still ongoing, and it is uncertain how the virus will affect consumer behavior this holiday season. Despite these challenges, the NRF is still optimistic about the holiday shopping season. The group is urging consumers to start shopping early and to take advantage of sales and promotions. The NRF is also reminding shoppers to be patient, as there may be delays in shipping and delivery due to supply chain disruptions..
Here are some tips for shoppers this holiday season:.
* Start shopping early. The earlier you start shopping, the more likely you are to find the items you want at the prices you want..
* Take advantage of sales and promotions. Retailers are offering deeper discounts and promotions this year in order to attract shoppers and compete with online retailers..
* Be patient. There may be delays in shipping and delivery due to supply chain disruptions. Be patient and expect that your orders may take longer to arrive..
* Shop online. If you’re unable to find what you’re looking for in stores, you can always shop online. Just be sure to factor in shipping and delivery times when you’re planning your holiday shopping..
By following these tips, you can make sure that you have a successful holiday shopping season..
