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Retail trade group says shoppers will lean on savings and credit throughout holiday season
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The nation's largest retail trade group estimated Thursday that holiday season sales growth will be slower this year as inflation persists but that shoppers "remain resilient."
Sales are projected to grow between 6-8% during November and December, which is a drop from the 13.5% growth reported during the same time last year, according to The National Retail Federation (NRF).
Overall, though, total sales during November and December will still reach between $942.6 and $960.4 billion. Consumers plan to shell our an average of $832.84 on average on gifts and holiday items.
INFLATION TO DAMPEN HOLIDAY RETAIL SALES, DELOITTE SAYS
"While consumers are feeling the pressure of inflation and higher prices, and while there is continued stratification with consumer spending and behavior among households at different income levels, consumers remain resilient and continue to engage in commerce," NRF CEO Matthew Shay said.