With industry experts projecting another bustling winter holiday shopping season, local Kentucky retailers are stocking up to ensure selection and value for customers.
According to a newly released National Retail Federation (NRF) forecast, consumer spending between Nov. 1 and Dec. 31 is expected to increase between 2.5% and 3.5% from last year’s record total 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 (KRF) 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.”
The NRF forecast noted that online shopping — which is projected to reach nearly $298 billion (increasing as much as 9%) this year — continues to be a primary contributor to overall retail sales growth.
To handle added consumer demand during the holidays, retailers nationwide anticipate hiring between 400,000 to 500,000 seasonal workers this season.
“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.”
NRF’s 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 is a non-profit trade association representing more than 6,000 diverse members across the Commonwealth — from department and drug stores to hardware, apparel and building supply retailers.
For more information about the KRF, please visit kyretail.com.
Kentucky Retail Federation