NRF Predicts a Strong Holiday Season
The National Retail Federations (NRF) predicts the 2017 holiday season to be strong, and expects 3.6 to 4 percent increase over the 2016 holiday season, resulting in approximately $682 billion, according to their latest news release.
This forecast includes non-store sales, direct-to-consumer sales, kiosks and online purchases, but does not include automobiles, gasoline or restaurant sales. The NRF report also projected that Target will raise wages to $11.00 per hour, and could hire as many of 100,000 season works this holiday season.
There are thirty-two days after Thanksgiving in this year’s holiday season, and this additional weekend of shopping could be a contributing factor the increase predicted. However, many big-name retailers are opting out of the Thanksgiving Day shopping trend. Some of those stores include Costco, Home Depot, IKEA, Pier 1 Imports, TJ Maxx and Mall of America.
The recent report by NRF predicts that seasonal employment will increase, however not as much as we saw in the 2016 holiday season. NRF expects retailers to hire between 500,000 and 550,000 seasonal workers this year, which compared to last year is down by approximate 25,000 workers. Low employment rates across the U.S. have created less of a demand for this year’s seasonal jobs.