NEW YORK (AP) — American shoppers are expected to spend more during this holiday shopping season than last year despite economic uncertainty and rising prices.

The 2025 forecast from the National Retail Federation on Thursday estimates that shoppers will collectively spend between $1.01 trillion and $1.02 trillion in November and December, an increase of 3.7% to 4.2% compared with last year.

Retailers rung up $976 billion in holiday sales last year, the group said.

“We’re seeing really positive behavior and engagement from consumers, ” NRF President and CEO Matthew Shay told reporters on a call Thursday. “In fairness, that’s been somewhat of a surprise.”

But Shay said more Americans are growing selective and they’re focused on discounts. And while spending is expected to be up again, t

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