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(New York, NY) -- It's mid-October and already predictions are that holiday spending will hit a new record high in 2024.
The National Retail Federation announced that they could go up by as much as 3.5% from last year.
That equates to between $979.5 billion and $989 billion in total holiday spending in November and December, compared with $955.6 billion during the same timeframe last year.
“The economy remains fundamentally healthy and continues to maintain its momentum heading into the final months of the year,” NRF President and CEO Matthew Shay said. “The winter holidays are an important tradition to American families, and their capacity to spend will continue to be supported by a strong job market and wage growth.”
The increase in spending could be bolstered by a slight chilling of inflation and last month's interest cuts easing borrowing costs.
A primary contributor of overall retail sales growth is expected from online shopping, according to the NRF.