It's the season for spending and holiday sales are expected to hit a new high this year.
"This year, NRF is forecasting that total holiday sales during the month of November and December could reach as high as $967 billion," said Katherine Cullen, vice president of industry and consumer insights with theThe NRF says holiday sales for 2023 are forecast to increase between 3% and 4% over 2022. The holiday shopping season seems to start earlier and earlier every year, but now there's a reason.
"They want more time to find deals and they want more time to really spread out that shopping. So they're not faced with one giant credit card bill at the end of the season," said Kristin McGrath, editor for RetailMeNot. According to Deloitte, 66% of shoppers will try to find deals during Black Friday and Cyber Monday, relying on promotions to offset inflation.
"We tend to find the most deals and the best deals all concentrated around um that one big weekend," said McGrath."Shoppers are finding influencers and social media to be increasingly important when it comes to hearing about deals, but also discovering new products and things that they didn't know they needed," said McGrath.
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