“The winter holidays are an important tradition to American families, and their capacity to spend will continue to be supported by a strong job market and wage growth.”

Matthew Shay, National Retail Federation (NRF) president and CEO, commented on the NRF’s forecast that winter holiday spending is expected to grow between 2.5 percent and 3.5 percent over 2023. That equates to between $979.5 billion and $989 billion in total holiday spending in November and December, compared with $955.6 billion during the same timeframe last year.