The US National Retail Federation (NRF) says it expects holiday retail sales will grow 6%–8% over last year’s “record” holiday season, but the organization also says that consumers will spend cautiously amid a high-inflation and high interest rate environment, jckonline.com writes.
The NRF announced its sales estimate for the period between Nov. 1 and Dec. 31 on Nov. 3, noting that retail sales overall in the past two years since the height of the coronavirus pandemic and related shutdowns have been “steady,” especially among middle- to high-income shoppers.
However, lower-income households are feeling cash-strapped because of the rising inflation rates, and all consumers generally are feeling like they need to prioritize their spending, especially around the holiday season, says Matthew Shay, the NRF’s president and CEO.
Within the jewelry industry, brands including Diamond Nexus say they are hosting shopping events, marketing special deals and sales, as well as creating targeted communications with shoppers individually and across channels to gain consumer attention.
In its surveys, the NRF found consumers plan to spend an average of $832.84 on gifts and holiday items such as decorations and food, which is in line with the average for the last 10 years.
Last year’s holiday sales increased 13.5% over 2020, the NRF reported, and holiday retail sales have averaged growth of 4.9% over the past 10 years. The NRF also expects online and other non-store sales to increase between 10% and 12% during this holiday season.
One thing remains true this year that has been trending for a while now: Consumers are shopping earlier for the holidays, something retailers have noticed and are marketing to with earlier and earlier holiday-related sales and promotions.
Alex Shishlo for Rough&Polished
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