The sales forecast excludes spending

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The trade group did not estimate spending over the weekend, but said Tuesday that sales for the overall holiday shopping season are on track to meet its forecast. It anticipates that holiday sales will rise by 6% to 8% from last year to between $942.6 billion and $960.4 billion. Some of that increase will come from nearly four-decade high inflation.

The National Retail Federation defines the holiday season as November 1 through December 31. at automobile dealers, gasoline stations and restaurants.

Shoppers spent an average of about $325 on holiday-related purchases over the weekend. That’s higher than last year’s average of $301.

NRF CEO Matt Shay said the weekend’s biggest takeaways are buy phone number list that Americans are eager to shop in-person again and that they’re hungry for big bargains. More than 122.7 million people visited brick-and-mortar stores over the weekend, a jump of 17% from 2021.

As inflation hits Americans’ wallets, he said, promotions have become a important motivator.

“Consumers are out shopping, but they’re out shopping when they see deals and when they get the promotions that meet what it is they’re looking for, and so you can get them engaged, but you’ve got to deliver value and price,” he said on a call with reporters.

Retailers have nevertheless been cautious about their holiday outlooks, particularly as families feel the pinch of inflation. Walmart has spoken about customers skipping over discretionary items and trading down to cheaper proteins like hot dogs and peanut butter. Target cut its forecast for the holiday quarter. And Best Buy said customers have had a higher interest in shopping during sales events.