The National Retail Federation (NRF) said Wednesday that sales for the 2021 U.S. holiday season are expected to increase by more than 10 percent from last year. Major consumer goods manufacturers and retailers are currently grappling with supply chain disruptions to prevent commodity shortages.
NRF expects sales in November and December to rise 8.5%-10.5% from last year to $843.4 billion to $859 billion, another record high. The data does not include car dealerships, gas stations and restaurants.
NRF's forecast is one of the most watched benchmarks for the holiday shopping season. A survey last week by NRF and research firm Prosper Insights & Analytics showed that some shoppers are concerned that they will struggle to buy the electronics, clothes and toys they want because of supply issues caused by the COVID-19 pandemic.
Jack Kleinhenz, chief economist at NRF, said: "If retailers can keep their goods on the shelves and goods arrive before Christmas, this could be an excellent holiday sales season. ”
Several companies, including toy makers Hasbro and Mattel, say people can still buy what they want during the holidays, even as tight supply chains have led to spiked freight rates and a large number of products stranded in transit.
Amazon has doubled its container handling capacity and received more shipping storage space from ocean carriers, while other companies have been shifting cargo to East Coast ports, far from the crowded West Coast.
Several retailers started holiday season promotions as early as September, warning customers that their favorite items might sell out or delivery times might take longer than usual.
This article originated from the Financial Circle Network
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