Jennifer Lopez on JLo Beauty’s First Lip Product, Beso Balm, Her ’90s Supermodel-inspired Routine and Self-acceptance2023 will grow between 3 percent and 4 percent over 2022 to between $957.3 billion and $966.6 billion, the National Retail Federation forecasts.
Deloitte seems most bullish, with its research showing holiday spending surpassing pre-pandemic levels with consumers spending an average of $1,652, or 14 percent more than last year, while Customer Growth Partners’s prediction calls for a sluggish 2.1 percent year-over-year increase to $928 billion, up from $909 billion in 2022, suggesting the COVID-19 era’s “sugar high” wears off.
However, Shay did say, “We all recognize there are some headwinds impacting consumers and will continue to play a role in the final months of this year.” Among the headwinds cited are rising credit balances, gas prices, interest rates and borrowing costs. Shay also noted that while NRF’s forecast is for the November through December period, “Consumers are getting an earlier start than ever” to holiday shopping. “We’ve seen that all the way back into the summer with different deals and promotions. Our research on consumers shows that 43 percent start browsing and buying before November. Gone are the days when the Friday after Thanksgiving was the kickoff. Four out of 10 are taking advantage of early deals in October.