U.S. Christmas spending to top $1 trillion for the first time

Christmas holiday spending this year is expected to top $1 trillion for the first time, the National Retail Federation said Thursday.

The trade group predicted in its annual forecast that U.S. retail sales in November and December will grow between 3.7% and 4.2% over last year’s.

That equates to between $1.01 trillion and $1.02 trillion.

In comparison, last year’s holiday sales rose 4.3% over 2023 to reach $976 billion.

“American consumers may be cautious in sentiment yet remain fundamentally strong and continue to drive U.S. economic activity,” said Matthew Shay, president and chief executive officer of the National Retail Federation.

“We remain bullish about the holiday shopping season and expect that consumers will continue to seek savings in nonessential categories to be able to s