Whats Happenening Locally

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Sep 22, 2023

Retail sales during the 2022 holiday season inched ever closer to crossing the trillion dollar mark. Though total retail sales during the November-December holiday season fell short of National Retail Federation forecasts, the group still reported that sales totaled $936.3 billion in that period in 2022.

Though a host of variables, including inflation, affect how much consumers spend during a given holiday season, it's not outside the realm of possibility that 2023 could be the year shoppers cross the trillion dollar threshold. That would require an increase of a little less than $64 billion in spending compared to 2022.

Such an increase is not unheard of, even in a single year, as NRF calculations based on data from the U.S. Census Bureau indicate holiday season spending between 2020 and 2021 increased by just under $106 billion.