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Consumers Remain Resilient Despite Inflationary Challenges

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U.S. consumers, faced with the pressures of inflation and higher prices, will go holiday shopping, and spend 6-8 percent more than they did in 2021 to more than $943 billion, according to the annual forecast by the National Retail Foundation that was released last week. Online and other non-store sales, included in the total projection, are forecast to rise 10-12 percent in the Nov.-Dec. timeframe from $238.9 billion last year despite more shifting back to in-store shopping, the trade group reported.

Consumers’ willingness to spend has been “clearly impacted by inflation,” commented Jack Kleinhenz, the NRF’s chief economist, “but their ability to spend has been supported by job growth, rising wages and tapping into savings accumulated during the pandemic.”

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Nov 9, 2022

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