Turkey. Mistletoe. A ten-second countdown.
That’s right. The holidays are just around the corner, and corporations throughout the country have already been preparing for the effects the celebratory time will have on their business operations.
Are you prepared? What effect are you anticipating the holidays to have on your growth, your revenue, and your overall success?
According to the National Retail Federation (NFR), 2017 holiday sales are expected to grow between 3.6 and 4 percent. According to their website, “NRF expects holiday retail sales in November and December – excluding automobiles, gasoline and restaurants – to increase between 3.6 and 4 percent for a total of $678.75 billion to $682 billion, up from $655.8 billion last year.”
NFR President and CEO Matthew Shay says that although 2017 hasn’t been “perfect, especially with the recent devastating hurricanes,” he believes NFR’s forecast reflects the economy’s “realistic, steady momentum, and overall strength of the industry.”
“We believe that a longer shopping season and strong consumer confidence will deliver retailers a strong holiday season,” he said.
But when it comes to the sectors related to the housing and/or mortgage industries, NFR reports the following:
“Consumers continue to do the heavy lifting in supporting our economy, and all the fundamentals are aligned for them to continue doing so during the holidays,” NRF Chief Economist Jack Kleinhenz said. “The combination of job creation, improved wages, tame inflation and an increase in net worth all provide the capacity and the confidence to spend.”
NFR state’s that their “forecast is based on an economic model using several indicators including consumer credit, disposable personal income and previous monthly retail sales. The overall number includes the non-store category (direct-to-consumer, kiosks and online sales). For historic sales information visit NRF’s Holiday Headquarters and the Retail Insight Center.”