AM 740 – KTRH
By Audrey Morton
According to a study, holiday retail sales in the U.S. are expected to hit the $1 trillion mark for the first time this year. They claim this is six percent growth from last year, making it the “strongest growth since 2011”.
Texas Retailers Association President and CEO George Kelemen believes on a high end, that is possible.
“The forecast we’re seeing have us anywhere between three quarters of a trillion (dollars), so it’s like $750 billion, anything between that and a trillion, which would be significant because it would show a lot of confidence out there,” said Kelemen.
He added where you see things nationally are also playing out in Texas because of the great economy and low unemployment.
Kelemen said projections for holiday spending is indicator that the retail industry is strong and keeping up with a strong economy.
“The projects for this year are being forecast at anywhere between, like four and a half and five percent above last year, which was a great year, as well,” said Kelemen.
In-store sales are forecast to rise 4.4 percent year-on-year, while e-commerce sales are predicted to grow by 16.6 percent.
The study found that e-commerce will capture 12.3 percent of the total sales figure this year and online retail sales will rise 16.6 percent from the previous year, to $123.73 billion.