The National Retail Federation (NRF) is forecasting that 2015 holiday sales will rise a solid 3.7 percent to $630.5 billion, significantly higher than the 10-year average of 2.5 percent.
Sales in November and December are expected to represent 19 percent of the retail industry’s annual sales of $3.2 trillion, the NRF reports.
Online sales are expected to rise between 6 percent and 8 percent to as much as $105 billion.
“With several months of solid retail sales behind us, we’re heading into the all-important holiday season fully expecting to see healthy growth,” shares NRF President and CEO Matthew Shay.
Factors that could affect spending include the possibility of a government shutdown in mid-December and a slower pace of job creation and income growth, the NRF comments.
Holiday sales in 2014 increased 4.1 percent over the previous year.