Online Shopping Poised for Record Growth as Wealthier Consumers Drive Spending
- US holiday retail sales expected to reach $1 trillion
- Wealthier consumers driving growth due to housing value and stock gains
- Government spending on infrastructure and social programs boosting consumer spending power
- NRF predicts 2.5%-3.5% increase in holiday retail sales compared to last year
- Deloitte also forecasts $1.58 trillion to $1.59 trillion in sales, up 2.3%-3.3% YoY
- Online shopping expected to account for a quarter of total sales this holiday season
- 76% of US shoppers plan to buy at least half of their gifts online
- 31% of consumers report struggling with nonessential purchases
A new Forrester report predicts that US holiday retail sales will reach a record-breaking $1 trillion this year, with wealthier consumers driving growth due to housing value and stock market gains. Government spending on infrastructure and social programs has also boosted consumer spending power in a mixed economic environment. The National Retail Federation (NRF) forecasts a 2.5%-3.5% increase compared to last year, while Deloitte predicts sales between $1.58 trillion and $1.59 trillion, up 2.3%-3.3% year-over-year. As more consumers turn to online shopping, a Bain & Company survey reveals that 76% of US shoppers plan to buy at least half of their holiday gifts online. However, 31% report struggling with nonessential purchases.
Factuality Level: 8
Factuality Justification: The article provides a balanced and accurate representation of various reports from Forrester, National Retail Federation, and Deloitte on holiday retail sales predictions. It also includes relevant information about consumer spending patterns from Bain & Company’s survey. The article presents different perspectives without any clear bias or misleading information.
Noise Level: 6
Noise Justification: The article provides a mix of relevant information about holiday retail sales predictions and consumer spending trends, but it also includes some repetitive statements and brief mentions of unrelated topics like the election of Donald Trump. It could benefit from more in-depth analysis or additional context on the financial struggles of consumers.
Financial Relevance: Yes
Financial Markets Impacted: Yes
Financial Rating Justification: The article discusses financial topics such as retail sales growth, consumer spending, and the potential impact of tariffs on prices. It also mentions predictions from various organizations like Forrester, National Retail Federation (NRF), and Deloitte about holiday retail sales. The article also touches upon government spending and its effect on consumers’ spending power. Additionally, it talks about online shopping trends and financial struggles faced by some consumers.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text and it focuses on economic predictions and consumer behavior.
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