JACKSONVILLE, Fla. – Holiday sales this November and December are expected to reach up to $720 billion, according to the National Retail Federation.
The forecast compares with an average annual increase of 3.9 percent over the past five years.
For some retailers, November and December can account for up to 40 percent of annual sales.
Holiday sales aren't expected to climb as much as they did in 2017, which saw the largest increase since the 5.2 percent year-over-year gain seen in 2010, after the end of the Great Recession.
The holiday forecast is based on factors like consumer credit, disposable personal income and previous monthly retail sales.
Researchers said the combination of increased job creation and improved wages show the expected confidence in shopping.