2023 Holiday Shopping Season Predicted to Boost Economy


Shopper pushes a cart past holiday lawn oraments on display in a Costco warehouse on Wednesday, Oct. 4, 2023, in Sheridan, Colo. (AP Photo/David Zalubowski)
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(AURN News) – As the holiday season approaches, the National Retail Federation (NRF) is optimistic that the 2023 holiday shopping season, spanning this month and the next, could play a pivotal role in bolstering the U.S. economy. The NRF’s projections indicate an anticipated overall shopping growth of 3% to 4% when compared to the previous year, potentially reaching a staggering $966 billion. The trade association also anticipates robust growth in online shopping, with estimates ranging from 7% to 9%.

NRF President and CEO Matthew Shayla expressed his confidence in the positive outlook for this year’s holiday sales. In a press release, he stated, “It is not surprising to see holiday sales growth returning to pre-pandemic levels. Overall household finances remain in good shape and will continue to support the consumer’s ability to spend.”

This optimistic outlook for the 2023 holiday shopping season comes on the heels of data released by the Bureau of Labor Statistics last month, which indicated that the unemployment rate held steady at 3.8 percent in September. Despite this stability in the labor market, various industries, such as hospitality and healthcare, have witnessed growth, while the retail sector has experienced little change.

As the holiday shopping season kicks into high gear, retailers are expected to meet the surge in consumer demand by hiring additional seasonal workers. The NRF estimates that between 345,000 and 450,000 seasonal employees will be brought on board to meet the demands of this bustling shopping season.

Click play to listen to the AURN News report from Jamie Jackson:

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