No, it’s not looking a lot like Christmas, but retailers prepping for record sales during holidays

Christmas shopping is not up to speed, retailers say. Image via AP.

It’s not even Halloween yet, but retailers are projecting that 2024 will be a banner year for holiday spending.

The National Retail Federation (NRF) is forecasting that there will be a 2.5% to 3.5% increase in holiday spending over the 2023 season. On a national level, that means there could be as much as $979.5 billion to $989 billion spent during the holiday season this year. That prediction would end in a new record for holiday spending after $955.6 billion was spent in 2023.

The Florida Retail Federation (FRF) was quick to seize upon the holiday spending projection that was released this week.

“It’s the most wonderful time of the year! And the 2024 holiday season will be no exception with up to 3.5% in sales growth projected this year,” said Scott Shalley, FRF President and CEO. “Retailers across the Sunshine State are already in the holiday spirit and ready to help you deck the halls and stuff the stockings this season.”

Shalley said with those kinds of gaudy estimates for the holiday season, Florida retailers are already beginning to stock up on merchandise. The FRF is urging residents to keep Sunshine State merchants in mind when shopping for gifts and decorations.

“Shoppers can ‘Find It In Florida’ and support Florida retailers when completing their holiday shopping lists,” an FRF news release said. “Supporting local retailers helps boost the local economy and community businesses. Learn more about the ‘Find It In Florida’ program at the website.”

The NRF wants to remind shoppers holiday shopping in November and December racks up about 20% of all retail sales annually for merchants. Across the country, the holiday rush usually means about 400,000 to 500,000 additional workers will be hired during the season.

For consumers who haven’t started shopping for the holidays yet, NRF officials advise that they’ll have plenty of time to get in on good deals. The so-called “Black Friday” shopping bargains, which used to take place on the day after Thanksgiving, now generally are extended for five full days, including Thanksgiving. Cyber Monday, for the Monday after Thanksgiving, is now considered part of that extended shopping period.