Holiday spending is expected to be healthy even with recent inflationary challenges, ending the year with retail sales between 6% and 8% over 2021 and totaling between $942.6 billion and $960.4 billion. Last year’s holiday sales grew 13.5% over 2020 and totaled $889.3 billion, shattering previous records. Holiday retail sales have averaged an increase of 4.9% over the past ten years, with pandemic spending in recent years accounting for considerable gains.
As households face financial challenges, many will supplement spending with savings and credit to provide a cushion and to help make way for a more festive holiday season.
The holiday shopping season started earlier this year, a growing trend in recent years due to shoppers’ concern regarding inflation and availability of products and the need to even out their budgets and avoid the stresses of holiday shopping.