The National Retail Federation says it expects holiday retail sales to be a full percentage point higher than it initially expected.
The NRF upgraded its national forecast, saying it now expects sales to rise 3.8 percent to $469.1 billion. Its October forecast predicted 2.8 percent growth.
The upgrade was driven by strong Black Friday weekend sales and year-over-year sales growth of 4.5 percent in November. NRF said it also takes heart in a recent survey that found Americans have completed less of their holiday shopping as of Thursday than they had in previous years. That indicates consumers may have been buying for themselves in November and plan to buy for others in the coming days.
