(Bloomberg) -- US holiday sales are expected to grow at a slower pace pace in 2024 than last year, according to a forecast from the National Retail Federation.
The industry’s sales are expected to grow in a range of 2.5% to 3.5% in November and December from a year earlier, the NRF said on Tuesday. That trails last year’s growth of 5.3%. In dollar terms, spending is expected to be as much as $989 billion, according to the group, which represents retailers.
“We’ve all seen that consumers have become a bit more moderated in their spending patterns,” said Matt Shay, the NRF’s president and chief executive officer, during a call with reporters. He added that overall spending remains robust, even if it’s slowing from the abnormally high growth of the pandemic years.
The calendar effect of fewer shopping days between Thanksgiving and Christmas this year is also expected to negatively impact the results, Shay said.
A holiday spending forecast from Deloitte, released earlier Tuesday, noted that high prices have eroded consumers’ brand loyalty and that spending on experiences, decorations and entertainment will be driving this year’s spending.
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