retail trade group projected Wednesday that holiday sales may "shatter previous records" even with the economy facing a range of headwinds including supply chain disruptions, inflationary pressures to widespread labor shortages.
Over the next two months, the National Retail Federation (NRF) estimated that spending could grow as much as 10.5% over 2020, with total sales reaching between $843.4 billion and $859 billion.
By comparison, sales grew 8.2% to $777.3 billion in 2020. "There is considerable momentum heading into the holiday shopping season," NRF CEO Matthew Shay said.Last year, digital channels saw "extraordinary growth" as more consumers turned to their computers to purchase gifts rather than going to physical stores.