As Christmas Nears, Holiday Shopping Is Set Break Records, Despite Supply Chain Worries

While Thanksgiving and Black Friday 2021 are now in the past, the shopping season has yet to conclude. Online sales on Thanksgiving were essentially flat from 2020 at $5.1 billion, according to Adobe data. However, experts are still forecasting a record breaking shopping season this year, despite supply chain slowdowns and record high inflation. The National Retail Federation’s (NRF) expects sales in November and December to grow as much as 11.5% year over year. This number is higher than NRF’s initial forecast of between 8.5% and 10.5% growth. “Now that we’re in December, the holiday shopping season is nearing the finish line,” NRF chief economist Jack Kleinhenz said in a release. “The question is how have factors ranging from economic indicators to the twists of the COVID-19 pandemic affected the season so far, and what role will they play in the weeks that remain?” The positive forecasts come as consumer spending increases overall. Personal household spending rose 1.3% in October compared to September, according to data from the Commerce Department. Personal income increased 0.5%, as employers increase wages across industries to fill roles in a competitive labor market. While Thanksgiving, Black Friday, and Cyber Monday are done, Super Saturday, the last Saturday before Christmas and often considered the second-busiest shopping

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