According to the National Retail Federation, holiday spending is expected to reach record levels in November and December, with the most growth occurring in online sales.
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The NRF predicts holiday spending will grow between 3 to 4%, which is the slowest growth rate in nearly four years. They expect online sales to increase between 7 and 9% this year.
According to data, the total dollar amount spent will be the largest ever recorded.
It is estimated that 182 million people will shop in-store and online from Thanksgiving Day through Cyber Monday, an increase of more than 15 million people compared to last year.
This comes after traditional brick-and-mortar stores issued lower fourth-quarter outlooks, signaling a possible decline in in-store traffic and sales.
Some small business owners are reporting less foot traffic in markets.
“I would say halfway through the year, we saw a big change, so we’ve had to pivot,” Jennifer Strong, a small business owner, said.
Women’s boutique owner Marisol Herrera said she’s seen decreased sales and profit this year.
“I’ve seen a 25% drop, so I’m not sure if it’s the economy changing,” Herrera said.
Other small business owners ABC13 spoke with at Flea on Silver Street said fewer people visited this weekend.
Admission to the market will be free on Sunday, Nov. 26, from 10 a.m. to 5 p.m.
Source : ABC13