Retailers could end up having a strong finish to 2020, despite all of the challenges that the coronavirus pandemic has dealt the industry, according to a new forecast that cites a strong stock market, rising home values and record personal savings rates as factors that could boost spending.
The National Retail Federation said Monday it expects holiday sales during November and Decemberto rise between 3.6% and 5.2% year over year, amounting to between $755.3 billion and $766.7 billion.
“Given the pandemic, there is uncertainty about consumers’ willingness to spend,” NRF Chief Economist Jack Kleinhenz said. “But with the economy improving, most have the ability to spend.”
Source: CNBC
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