How much Americans are spending on holiday goods
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Holiday shoppers are spending a record amount this year on gifts despite the shorter shopping season and inflation concerns.
The big picture: Shoppers are projected to spend between $979.5 billion and $989 billion during the Christmas season, per an annual survey from the National Retail Federation and Prosper Insights & Analytics.
By the numbers: Retail sales from November and December are predicted to beat 2023 by between 2.5% and 3.5%, NRF projects.
- Shoppers are budgeting a record of $902 each on average for gifts and seasonal items, like decorations and food.
- Online shopping is a main contributor of overall retail sales growth and is expected to increase between 8% and 9%. That's about $295.1 billion to $297.9 billion, per NRF.
While NRF defines the holiday season as Nov. 1 to Dec. 31, it notes the period between Thanksgiving and Christmas was 5 days shorter than last year.
What we're buying: The top gifts shoppers have purchased include clothing and accessories, followed by toys, gift cards, books, video games and personal care or beauty items.
Zoom out: With more shoppers out and about, retailers are hiring more workers to keep up with demand.
- Between 400,000 and 500,000 seasonal workers are expected to be hired this year, according to NRF. That's down slightly from 509,000 seasonal hires last year.
What they're saying: "The winter holidays are an important tradition to American families, and their capacity to spend will continue to be supported by a strong job market and wage growth," NRF President and CEO Matthew Shay said.
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