Retail stores have a lot to look forward to as the holiday season is finally here, with expectations to be a record-breaking year in sales.
The Florida Retail Federation expected sales to grow by four percent in 2018, with consumers contributing over one thousand dollars in spending.
Since most individuals between the age of 35 and 44 have children and spouses, they are expected to spend the most money during the season.
The growth in sales does not include deals at car dealers, restaurants or gas stations, however.
“Strong sales during the holiday season are fundamental to a successful year for Florida retailers,” said Scott Shalley, president and CEO of the FRF. “With one in five jobs in Florida tied to this industry, this positive forecast is fantastic news for Florida families. Florida retailers are already stocked up and staffed to support the demands for this holiday season.”
Consumers will mostly spend money buying gifts for family members, friends and co-workers, as well as candy, decorations, cards and flowers, and items that are on sale or being promoted.
The FRF predicted the total spending nationwide will be nearly $730 billion, a $29 billion increase compared to 2018’s spending.
The reason for such an increase is because, in 2018, there were circumstances such as the government shutdown, stock market volatility and tariffs.
Toy stores such as Tate’s, Mattel and Target, and game stores such as GameStop, will more than likely see the highest increase in sales during the holiday season, as those places project to have a 20 percent increase in purchases.
As of 2019, there are over 74 million children under the age of 18 in the United States. It is more than likely they will want either a toy or a new video game once Christmas rolls around.