FRANKFORT, Ky. — The Kentucky Retail Federation said local stores are preparing for another busy holiday shopping season.
According to a newly released forecast from the National Retail Federation, consumer spending from Nov. 1 and Dec. 31 is expected to increase between 2.5% and 3.5% from last year’s spending mark of $955.6 billion.
“Although the shopping period between Thanksgiving and Christmas will be six days shorter this year, retailers across the Commonwealth are preparing for brisk holiday sales,” said Kentucky Retail Federation President Tod Griffin. “Our local stores, big and small, are working hard to provide a wide variety of quality products at value pricing as the lingering effects of inflation continue to impact families.”
Online shopping continues to be a primary contributor to overall retail sales growth, the NRF forecast notes, and is projected to reach nearly $298 billion this year, an increase of as much as 9%.
Retailers nationwide expect hiring between 400,000 to 500,000 seasonal workers for the holidays to handle the additional consumer demand, according to the NRF.
“With many consumers taking advantage of e-commerce options, we remind them to take into account the fewer shipping days this season between Black Friday and Christmas Eve when ordering,” added Griffin. “And as always, don’t forget support your local retailers this holiday season.”
The NRF holiday forecast is based on modeling using various key economic indicators, including consumer spending, disposable personal income, employment, wages, inflation and previous monthly retail sales releases.
The Kentucky Retail Federation represents more than 6,000 member businesses across the state, from department and drug stores to hardware, apparel and building supply retailers.