BOCA RATON, Fla., Oct. 29, 2021 /PRNewswire/ — Record-breaking holiday retail sales could reach $859 billion this year.
"Pent-up demand and a desire to get over the pandemic are driving the record holiday sales numbers," said Mitch Gould, founder and CEO of Nutritional Products International, a global brand management firm based in Boca Raton, FL. "People want to feel better and get back to normal with a little shopping therapy."
The sales projection came from the National Retail Federation, which has forecasted an increase in sales between 8.5 to 10.5 percent from last year. NRF is more optimistic than earlier estimates from national financial companies, including Bain, Mastercard, and Deloitte.
"Everyone seems to be aligned. They are predicting a very merry Christmas for retailers, consumers, and the economy," Gould added.
MarketWatch also reported that online sales will continue to be strong, but NRF believes shoppers will return to brick-and-mortar retailers.
"This is what we’ve been saying for several months," Gould said."NPI has reported that retailers, such as Best Buy, started preparing early to stock their shelves early with enough inventory. Consumers adapted to the supply chain problems by shopping early."
The NRF also expects retailers to hire 500,000 to 600,000 seasonal employees, which is also an increase from 486,000 from 2020.
Gould said product manufacturers welcome these sales and employment numbers.
"Whether you are a domestic or international product manufacturer, you want to expand during good economic times. They have to love these outstanding numbers," said Gould, whose company, NPI, works closely with health and wellness brands launching products in the U.S.
"The U.S. economy has shown tremendous resiliency during the pandemic," Gould said. "A happy holiday season is good for everyone."
MORE ON NPI AND ITS FOUNDER
NPI is a privately-held company that specializes in the retail distribution of nutraceuticals, dietary supplements, functional beverages, and skin-care products. NPI offers a unique, proven approach for product manufacturers worldwide seeking to launch or expand the distribution of their products in the U.S. retail market.
Mitch Gould, the founder and CEO of NPI, has represented icons from the sports and entertainment worlds such as Steven Seagal, Hulk Hogan, Ronnie Coleman, Roberto Clemente Jr., Chuck Liddell, and Wayne Gretzky.