FRANKFORT, Ky. — The Kentucky Retail Federation has announced that local stores across the Commonwealth are gearing up for a busy holiday shopping season. According to a forecast from the National Retail Federation (NRF), consumer spending during the holiday period from November 1 through December 31 is projected to rise by 2.5% to 3.5% compared to last year’s total of $955.6 billion.
Despite a shorter shopping season this year, retailers remain optimistic. “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,” stated Federation President Tod Griffin. He emphasized the commitment of local stores, big and small, to offer a diverse range of quality products while tackling the ongoing challenges posed by inflation.
The NRF’s report indicates that online sales continue to drive retail growth, predicting an increase of as much as 9% in e-commerce, with total online spending expected to reach $298 billion this season. In anticipation of the holiday rush, retailers nationwide plan to hire between 400,000 to 500,000 seasonal workers to accommodate the surge in consumer demand. Griffin reminded shoppers to be mindful of the limited shipping days before Christmas when ordering.
The NRF’s holiday forecast is grounded in a range of economic indicators, including consumer spending trends, disposable personal income, employment statistics, wage levels, inflation, and previous retail sales data. The Kentucky Retail Federation represents over 6,000 member businesses across the state, spanning various sectors including department stores, drug stores, hardware shops, apparel, and building supply retailers.
As the holiday shopping season approaches, consumers are encouraged to support their local retailers, which play a crucial role in the state’s economy and community. With careful planning, both retailers and shoppers can navigate this holiday season successfully.
