The International Council of Shopping Centers predicts that, despite supply chain woes, holiday spending will increase 8 to 9 percent compared to last year, according to Forbes.
“I think this is going to be a very strong holiday season, for obvious reasons,” ICSC President and CEO Tom McGee said. “The economy is strong, consumer spending has continued to be strong despite the challenges related to the pandemic, and there’s a tremendous amount of personal savings and pent-up demand.”
The trade group estimates that holiday spending this season will outpace record-breaking growth experienced during Christmas 2020. Last year spending grew by 8.3 percent, more than twice the 3.5 percent average growth the industry saw during the previous five years per figures from the National Retail Federation (NRF).