Attention Birmingham shoppers – and shop owners. The National Retail Federation is revising its initial estimates when it comes to forecasting the holiday sales season.
Rather than 2.3 percent, the NRF is now saying that retail sales are up 3.3 percent compared to last year. That’s quite a revision for sales. Check your shopping bags. Did we buy more? Spend more? Chances are we did.
The numbers are attributed to a host of economic factors, among them are stock market gains, income growth and savings built up through the recession. All of these things allowed consumers to spend a bit more this year.
“The start to the holiday season has surpassed all expectations,” said NRF President and CEO Matthew Shay in a press release. “While employment data is still a concern, we are starting to see improvement in other economic indicators that support an increase to our forecast. In order to sustain this momentum for retailers and the U.S. economy, there must be a renewed focus on jobs as we enter the new year.”
Here in Birmingham, it’s translating to about 60 percent of retailers reporting better sales than last year, according to The Birmingham News. Malls like Riverchase Galleria, The Summit and Colonial Brookwood Village have been busier than in years passed.
Have you noticed the increase in sales activity as either a consumer or a store owner? Tell us about it. Leave a comment below.