Holiday Sales Predicted to Increase in 2021 for the US

Holiday Sales Predicted to Increase in 2021 for the US

According to the National Retail Federation, the US holiday sales were up by almost 8% in 2020. 

This was during the pandemic. Experts predict the holiday sales may very well show a triple or more increase in 2021.

The NRF predicts the holiday shopping season during the period of November 2021 to the end of December 2021 will be record breaking. These numbers only apply to the retail sector and do not include car purchases or even eating out at restaurants. 

This is all due to the rise of staying indoors and less travel. In fact, versus 2020 when the retail sector sold over $700 billion worth of goods and services, it is predicted that in 2021, we just might pass the trillion dollar mark. Since buyers are saving a substantial amount by not traveling so much and not using their vehicles (Gas money), the savings are translating into more online purchases. 

This seems to have created a healthy recovery but it’s still too early to tell. 

Although the numbers and the projection looks good for the economy, financial advisors are still quite concerned with this style of recent ‘splurging’.

Experts predict and encourage the everyday American to continue being disciplined with their savings. They are also warning the United States public of a sudden rise in inflation during the winter season. Many shoppers are already reporting an obvious size decrease on their regular purchases.

With common everyday grocery items shrinking in size, yet increasing in price (Also known as shrinkflation), it is a trend that seems to be quite disturbing.

Although there are some signs which point to a healthy economy, it is highly recommended that people are more on top of their finances during these interesting times. After all, you don’t want to catch yourself in a pickle during one of the most volatile era in recent human history.

Source: https://nrf.com/media-center/press-releases/nrf-says-2020-holiday-sales-grew-83-percent-despite-pandemic