Historic holiday sales expected in 2021 | The numbers racket

Sales for the holiday season 2021 should increase by more than $ 66 billion from 2020 figures, setting a new record, according to the National Retail Federation, a Washington DC-based retail association.

The trade association says it expects an increase of 8.5% to 10.5%, which is a jump from $ 843.4 billion to $ 859 billion, on 2020 vacation spending figures.

“There is tremendous momentum as the holiday shopping season approaches,” NRF President and CEO Matthew Shay said. “Consumers are in a very favorable position at the start of the final months of the year as incomes rise and household balance sheets have never been so strong. Retailers are investing heavily in their supply chains and spending heavily to ensure they have products on their shelves to meet this period of exceptional consumer demand. “

In addition, NRF said it expects online and other non-store sales, which are included in the total, increase between 11 percent and 15 percent for a total between $ 218.3 billion and $ 226.2 billion account of online purchases, an increase over $ 196.7 billion in 2020.

Historically, vacation spending has increased at varying rates every year since 2009, in the wake of the Great Recession.

The increase in sales is not the only growth expected over the Holiday season 2021. The NRF said it expects retailers to hire anywhere from 500,000 to 665,000 seasonal employees, compared to 486,000 seasonal hires in 2020.

While the Covid-19 pandemic has been a boon to online holiday sales in 2020, the NRF said it expects many households to return to in-person shopping this year for a “more traditional” shopping experience.

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