The National Retail Federation has raised its holiday sales forecast, saying it now expects holiday sales to increase 3.8 percent this season to a record $469.1 billion. The NRF had previously forecast on Oct. 6 that holiday sales would increase just 2.8 percent, according to the San Francisco Business Times.
The increase would come after a 5.2 percent increase last holiday season, which the NRF counts as November and December.
The NRF cited strong November sales gains of 4.5 percent over last November and new evidence that the average person still has much holiday shopping left to do.
It’s good news for retailers, as holiday sales can count as much as 25 percent of their full-year sales.