Holiday sales anticipated to increase by 4 percent
As the economy begins to improve and consumers regain their confidence, this year's holiday shopping season is expected to surpass last year's numbers as customers flood retail stores and websites.
Retailing Today reports that recent research from Deloitte states that retail sales for the holidays will grow between 3.5 percent and 4 percent in comparison to last year's numbers. This represents a total between $920 billion and $925 billion for the season. While the anticipated growth is not as high was is hoped for, the study reports that the presidential election and further concern over the global economy are contributors to this.
"While consumers turned out in the summer to give retailers solid gains for a few months, that pace may be difficult to sustain through the end of the year," said Carl Steidtmann, Deloitte's chief economist. "Consumers and businesses alike may pause in advance of the election; however, retailers may benefit from a post-election consumer spending boost."
One aspect of holiday retail sales that is already growing is the hiring of seasonal workers. NBC News states that many big name retailers are stepping up their employment efforts to bring on more staff members to help with the large amount of consumers that are anticipated to flood stores. Walmart alone will be hiring approximately 50,000 temporary employees, the source reports.
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