‘Tis the Season: U.S. Holiday Spending Projected to Reach All-Time High in 2020
Despite the economic uncertainty caused by COVID-19, Americans were still willing to shell out some serious cash last holiday season.
In 2020, the National Retail Federation (NRF) expected U.S. consumers to spend up to $767 billion through the months of November and December—a 5.2% increase compared to 2019.
Why the increase, given 2020’s economic turmoil? The NRF cites recent job growth, low energy costs, and reduced spending on travel and entertainment as a few key factors driving last year’s projected spending growth.
First published: December 3, 2020 (link)
Source files included: .ai, .eps, .pdf
Data source: AAAS Science Advances
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