According to an analysis by the National Retail Federation (NRF), it is estimated that this year the level of hiring will fall to historic lows, while consumer spending is expected to be between 3.7% and 4.2%.

The organization indicates that this year sales could reach one trillion dollars “We are confident that retailers will be prepared to offer consumers the prices, products, savings, and value advantages they are looking for this holiday season,” said NRF Chief Economist Mark Mathews. In this regard, the trend for retail chains this holiday season will be to manage the increase in retail spending with a smaller workforce. “This year’s hiring expectations reflect the weakening and slowing labor market,” Mathews said. The analysis highlights that between November 1 and December 31, only about 365,000 workers will be hired, compared to 442,000 last year. However, although inflation has increased this year, consumer spending remains steady, indicating that Americans are still prioritizing seasonal celebrations. “People save for it, they plan for it, they prioritize it, and we believe that will happen again this year,” Mathews said. Jack Kleinhenz, senior economist at the NRF, noted that “consumers remain concerned about inflation and rising prices. Despite these concerns, I believe consumers are still willing to spend, even though their confidence is at very low levels,” he said.